RECOMMENDATION - BUY AT CMP
Note that this is a pure trading bet and strict adherence to stops is imperative for safety of capital.
TARGET -1180 , STOP-955, TIME-T+9 DAYS
RATIONALE :
The primary reason for this recommendation is sheer momentum. Strength in the RSC and a fresh breakout on this indicator hints at the possibility of a fresh upswing in the stock price.
A flat correction in the form of a 'abc' with a 'c' wave failure has been exhibited on the hourly charts. The retracement during this correction was very shallow hinting at the underlying strength of the scrip.
Traders may buy the scrip keeping a stop below 955 (a one percent filter below the perceived C wave). The likely target based on the width of the pattern and the erstwhile wave form can be pegged at 1180 in the coming 10 days.
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.
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