Long-term update, Accumulate 3M India ltd (Minnesota Mining & Manufacturing Co.) Buy above 31934.35 (Time for a Breakout)
Sector: Diversified / Industry: Diversified
Market Cap: 39,169.55/- Cr. / Category: Mid Cap
Current Price: 31469/- Target Price: 33200, 35000/- Stop loss: 28500
Ticker: NSE:3M INDIA Recommendation: BUY (Buy Above 31934.35)
Date: 19/12/2023
Elliott Wave Theory Outlook – 3M INDIA ltd, Buy above 31934.35
December 19, 2023 By Dinesh Naidu
3M India is a subsidiary of 3M Company, USA. The Company manages its operations in four operating segments: Safety & Industrial, Transportation & Electronics, Health Care and Consumer. In India, the Company has manufacturing facilities at Ahmedabad, Bangalore, Pune and has a R&D Centre in Bangalore.
Hello traders. In this technical research report we’re going to take a quick look at the Elliott wave chart of 3M India ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favoring the long side. Currently the stock is in a sideways structure forming a Triangle formation. The stock might give us a Breakout from the current level.
The stock is currently trading in wave ((4)) pattern that has unfolded as Triangle A-B-C-D-E pattern in a Daily time frame. The price might reach extreme zone at 33145 - 35000 level We don’t recommend selling the stock and prefer the long side from the 0.23.6 & 0.38.2 % Fib retracement level. As the intermediate trend is already bullish in a lower time frame, we expect to see at least 1 last wave bounce from our buying zone. Once price bounce reaches 1.618% Fib against the (wave 5) high, we will make long position risk free (put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 28500 level.
High Volume & Delivery
Stock Volume & Delivery surged by 1.5 & 1.6 times respectively vis-à-vis their 5-day average with a 1.46% move in Price.
Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here is for education purpose only. I will not be responsible for any of your Profit/Loss with this recommendation. Consult your financial advisor before taking any decisions.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you or not.
Sector: Diversified / Industry: Diversified
Market Cap: 39,169.55/- Cr. / Category: Mid Cap
Current Price: 31469/- Target Price: 33200, 35000/- Stop loss: 28500
Ticker: NSE:3M INDIA Recommendation: BUY (Buy Above 31934.35)
Date: 19/12/2023
Elliott Wave Theory Outlook – 3M INDIA ltd, Buy above 31934.35
December 19, 2023 By Dinesh Naidu
3M India is a subsidiary of 3M Company, USA. The Company manages its operations in four operating segments: Safety & Industrial, Transportation & Electronics, Health Care and Consumer. In India, the Company has manufacturing facilities at Ahmedabad, Bangalore, Pune and has a R&D Centre in Bangalore.
Hello traders. In this technical research report we’re going to take a quick look at the Elliott wave chart of 3M India ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favoring the long side. Currently the stock is in a sideways structure forming a Triangle formation. The stock might give us a Breakout from the current level.
The stock is currently trading in wave ((4)) pattern that has unfolded as Triangle A-B-C-D-E pattern in a Daily time frame. The price might reach extreme zone at 33145 - 35000 level We don’t recommend selling the stock and prefer the long side from the 0.23.6 & 0.38.2 % Fib retracement level. As the intermediate trend is already bullish in a lower time frame, we expect to see at least 1 last wave bounce from our buying zone. Once price bounce reaches 1.618% Fib against the (wave 5) high, we will make long position risk free (put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 28500 level.
High Volume & Delivery
Stock Volume & Delivery surged by 1.5 & 1.6 times respectively vis-à-vis their 5-day average with a 1.46% move in Price.
Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here is for education purpose only. I will not be responsible for any of your Profit/Loss with this recommendation. Consult your financial advisor before taking any decisions.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you or not.
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