RECOMMENDATION - BUY AT CMP
TARGET-345, TIME-3 MONTHS, STOP-245
Rationale:
Traditional Technicals - A breakout from a 'wedge' has been witnessed. The prolonged sideways move ranging about 9 months, is likely to give an additional fillip to the stock going forward.
Elliott Wave Positioning - The stock seems to have completed its wave 2 around 245 recently. This makes the stock a very good buy, considering the dynamism associated with third waves.
Oscillators - Weekly oscillators are oversold hinting at the possibility of a rally in the coming weeks.
Target - A very conservative target may be 345 in the short term. However much higher levels await for patient investors.
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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