Recommendation - Buy at cmp
Target -324 , Time-t+4 days, Stop-273
Kindly note that observing strict stops on such momentum buys is essential.
Rationale -
The stock has recently broken out of a long term downward sloping trendline. Notice the spike in turnover accompanying this breakout.
On the hourly charts oversold signals are imminent. Moreover, the hourlies suggest that this recent correction from 300 to 270 post the breakout has taken the form of wave 4 - Certainly another upmove in the form of wave 5 awaits us.
Traders may buy the stock at cmp for target of 324 (based on wave relationships).
This recommendation is very similar to JINDAL POLY recommended at 1005 on the same parameters last week. Patrons of the blog very well know how this stock rocketed (currently 1160) after we spotted it - READ REPORT ON JINDAL POLY.
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.
stock came down to 273.40 - stop save just by 40 paisa !! lucky or good calculation.... lol
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