No stake Sale in Hero Honda says Honda Motors
Honda spokeswoman Natsuno Asanuma denied the reports that honda Motors is going to sell some parts of its stake in hero honda india
Accordding to reuters report
“There’s no truth to it at all,” Honda spokeswoman Natsuno Asanuma said.
But the Denial came too late for Hero Honda Stock As it closed at Rs 1804.30 Down 7.5 % From Fridays Close of Rs 1950.65
Our Take :Buy hero Honda at Current market price of Rs 1804.This Stock has fallen Much in 1 day.Quarterly results are expected on 29 th July 2010.At current prices even the bad results have been priced in.So even if the results come average,this stock is going to resume its upward journey.
For Long Term Investors :Just Grab at Current price with Stop loss of Rs 1740 on closing basis as risk reward ratios are strongly in favour of Buy
This stock actually touched its 200 DMA Today which is at 1798 and is expected to provide good support
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