Greaves Cotton share price rose sharply on Monday, closing the session with 5.78% in gains. The gain helped pump up its year-to-date gains past the 10% mark amid general underperformance by India’s equities markets. Greaves Cotton share price has been on a strong upward trajectory in the last two months, and has gained 54% during that period.
Strong Positive Sentiment Boosts Greaves Share Price Outlook
The company’s e-mobility division, Greaves Electric Mobility Limited reported a 53% year-on-year growth in its Ampere brand motorcycles in January after selling 3,611 units. That adds credence to the company’s substantial investment in the electric motorcycle division in recent times.
Last week, Equity Intelligence, an investment company headed by Porinju Vekiyath, bought ₹29.37 crore (about $3.40 million) worth of equity in Greaves Cotton (NSE: GREAVESCOT), in a deal that saw the investment company acquire 0.51% stake in Greaves. Importantly, it signifies the company’s attractiveness to institutional investors.
Greaves Cotton share price momentum is bullish, with the stock trading above key moving averages. As of this writing, the stock trades above its 20, 50 and 200 Simple Moving Average (SMA) levels on the daily chart. A continuation of the trend will keep it on the ascending trajectory in the coming days.
Greaves Cotton Share Price Prediction
On the chart below, the momentum on Greaves Cotton share price is upward-leaning. The stock pivots at Rs 274.20 and will likely encounter the first resistance at Rs 286.00. Breaking above that level will strengthen the upward momentum to potentially test the next barrier at Rs 300.00.
Conversely, moving below Rs 274.20 will signify control by the sellers. That will likely see the stock move towards the first support at Rs 263.20. Breaking below that level will invalidate the upside narrative and potentially test Rs 251.00.
The post Greaves Cotton Share Price Spikes Over 5%, E-Mobility Sales Soar appeared first in UK on InvestingCube.