Eicher Motors riding in top gear!

The stock of Eicher Motors jumped over 3.5 per cent on Tuesday.

Eicher Motors Limited (EML) is a company, which is engaged in manufacturing automobile products and related components. The company operates in business verticals, including motorcycles, commercial vehicles, and personal utility vehicles.   

The stock of Eicher Motors jumped over 3.5 per cent on Tuesday. The stock has formed a pin bar candle as of March 8, 2022, and thereafter, rallied more than 15 per cent from the lows of Rs 2,159.55.   

On Tuesday, in the auto sector, Eicher Motors emerged as the top-performing stock as it contributed nearly 4.50 points to Nifty’s kitty.   

Technically, the stock is forming a sequence of higher highs and higher lows from its recent swing low, which was registered as of March 8, 2022.    

The stock of Eicher Motors witnessed a breakout of 20-DMA in today’s trading session and made a high of Rs 2,477.65 mark. Furthermore, the breakout was witnessed with a sizeable bullish candle.  

The lagging indicator MACD is also in-line with bullish sentiment as the MACD line is trading above its signal line and zero line. Moreover, the MACD histogram is rising steadily and is above its prior high. The 14-period RSI has marked a fresh 14-period high; it’s above the 52 mark.     

Considering the above technical evidence, we believe that the stock should be on your watchlist!