PIIND : Booked a profit of 7.95% on the invested capital
The overall market appears to be overvalued from a technical standpoint, suggesting a high probability of a sell-off across the market.
Upon reviewing previous price action, it's evident that the market hasn't rallied significantly after consolidating pattern formations, similar to the one we're experiencing presently.
Although I anticipate a 9.74% move from current price levels to the all-time high, I've opted to book profits at the current levels, securing a profit of 7.95% on the invested capital. Profit booking opportunities in the Indian market this month have been scarce, given the overall market's sell mode. Despite heavily entering positions across sectors, I believe it's prudent to take some chips off the table, particularly in a scenario like this, where the overall market shows signs of technical weakness. Furthermore, the stock is trading at a higher valuation fundamentally, providing further justification for profit booking.
I'll be monitoring for a re-entry opportunity if the price falls back to the low of the higher timeframe channel.
Upon reviewing previous price action, it's evident that the market hasn't rallied significantly after consolidating pattern formations, similar to the one we're experiencing presently.
Although I anticipate a 9.74% move from current price levels to the all-time high, I've opted to book profits at the current levels, securing a profit of 7.95% on the invested capital. Profit booking opportunities in the Indian market this month have been scarce, given the overall market's sell mode. Despite heavily entering positions across sectors, I believe it's prudent to take some chips off the table, particularly in a scenario like this, where the overall market shows signs of technical weakness. Furthermore, the stock is trading at a higher valuation fundamentally, providing further justification for profit booking.
I'll be monitoring for a re-entry opportunity if the price falls back to the low of the higher timeframe channel.
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Disclaimer: The analysis shared here is for informational purposes only and should not be considered as financial advice. Trading in all markets carries inherent risks, and past performance is not indicative of future results. It's essential to conduct your own research and assess your risk tolerance before making any investment decisions. The views expressed in this analysis are solely mine. It's important to note that I am not a SEBI registered analyst, so the analysis provided does not constitute formal investment advice under SEBI regulations.
