Amara Raja, Indo National: Stocks of battery makers that can jump up to 25%

RIL has forayed into Lithium-ion battery biz through stake buy in US company. Here's how stocks of traditional battery makers look on the technical charts

Amara Raja Batteries Limited (AMARAJABAT)
Likely target: Rs 774 and Rs 840
Upside potential:   4.50% to 12%

To breakout on the upside, the counter needs to firmly close above 50-days moving average (DMA), which is currently placed at Rs 740 levels. Only upon conquering the resistance, the stock may see head towards Rs 774 and then Rs 840 levels, which are its 100-DMA and 200-DMA, respectively. The current trend suggests that the scrip is making an effort to cross the 50-DMA. There is support at Rs 710 levels, which also is the recent reversal mark for the counter. Relative Strength