RECOMMENDATION - BUY AT CMP
TARGET- 134 , STOP: 117.50, TIME-T+4 DAYS (APPROX)
Note that this is a trading recommendation purely based on momentum set up.
Rationale :
The stock touched a high of 118 odd in August and thereafter kept consolidating within kissing distance of the all time high around 122. It notched up approximately 8% gains in yesterday' session showing distinct tendency to come out of its one month long slumber. The stock has come under some normal profit booking after the sharp rally yesterday - pullback after the breakout.
The stock is likely to show momentum once this brief pullback ends. The risk reward ratio too is the favor of the long trade since the pivot on the hourly chart is placed just below 118. Traders may buy the stock for for a target of 134 keeping a stop below 117.50.
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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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