Momentum Stocks

Hero Moto Corporation (8th May 2022):

Hero moto corporation (HEROMOTOCO) share price looking strong in its technical chart with strong volume growth in both NSE and BSE over the last week ended on 6th May 2022. The stock price closes above its previous swing price of 2540 with a strong volume. Looking at the last one-week volume growth, it seems the demand for this script has been going up with the demand for two-wheelers. The script is bouncing up after a long downfall and is trading above short-term moving averages. Once the script closes above its 200 DMA, it will easily reach a price of 2660 which is a major resistance for this script. However, if the market moves positively, this script is expected to reach a target price of 2800 in the next three to six months. The company reported double-digit growth in April 2022 with a growth in motorcycle sales which registered a sale of 3,92,627 units in 2021-22 compare to 3,39,329-unit sales during the same period the previous year. Total sales increased by a little over 16% in April 2022 with 3,98,490-unit sales compared to 3,42,614-unit sales during the period ended April 2021.