Recommendation - Buy at cmp
Target - 208, Stop-176, Time-t+9 days.
The stock is equally good for traders and investors (with time horizon of 3 months or more) and hence one can afford to be fairly aggressive in this recommendation.
The stock had broken out of a parallelogram on the daily charts and has been consolidating since then. MACD histogram which measures momentum has registered a two month high - the same has not been exhibited by the underlying price though. This indicates an impending spell of buoyancy in stock prices in the coming few days.
The stock seems to be heading in wave 3 of 3 as per the labelling in the diagram below. Given the unambiguity about strength of wave 3, it makes sense to initiate longs at the cmp aggressively.
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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