RECOMMENDATION - BUY AT CMP OF 143
TARGET - 178, STOP-132, TIME HORIZON -1 MONTH
Rationale -
Traditional Charting Perspective - The stock has exhibited a breakout from a consolidation (triangle) pattern with a distinct increase in turnover today. This pattern is likely to give strong tailwind to the stock in the short term.
Elliott Wave Count - The recent consolidation may be defined as wave 2 of wave 3 in Elliott nomenclature. The briefness of this wave 2 both in terms of amplitude and time speak volumes about the likelihood of a powerful wave 3.
Peer Group Action - The housing finance companies have been on a role lately led by LIC Housing. Others like Gruh Finance, DHFL have also been doing well.
Disclaimer : The recommendations mentioned herein are for educational purpose only. One should not take buy/sell decisions based on the above analysis which is prone to errors. The author does not undertake any liability whatsoever arising out of profits/losses accruing from using the above analysis.
Traditional Charting Perspective - The stock has exhibited a breakout from a consolidation (triangle) pattern with a distinct increase in turnover today. This pattern is likely to give strong tailwind to the stock in the short term.
Elliott Wave Count - The recent consolidation may be defined as wave 2 of wave 3 in Elliott nomenclature. The briefness of this wave 2 both in terms of amplitude and time speak volumes about the likelihood of a powerful wave 3.
Peer Group Action - The housing finance companies have been on a role lately led by LIC Housing. Others like Gruh Finance, DHFL have also been doing well.
Disclaimer : The recommendations mentioned herein are for educational purpose only. One should not take buy/sell decisions based on the above analysis which is prone to errors. The author does not undertake any liability whatsoever arising out of profits/losses accruing from using the above analysis.
good call - the best part about the recommendations here is that u initiate buys when stock is falling or consolidating - Very sick of recommendations that are given after stock runs up signficantly
ReplyDeleteSolid calls - Simple but effective use of Elliott waves - Keep up the good work.
ReplyDeleteBest,
Bharat Dugar,CMT
Thanks for apprciation - I do make it a point not to recommend stocks purely on momentum - The idea is to generate wealth, not thrill.
ReplyDeleteThanks - But I use some mor tools in addition to elliott waves - However I do not detail every little nitty gritty on this forum.
ReplyDelete