The stock has retraced to 0.618 of the Fib series from its all time high of 418.35 which it reached on 30th May 2023 and has been falling continuously to touch a low of 243.90 on 9th Nov 2023. Thats a drop of over 41% from its all time high. The stock is finding support at the current levels which happens to be the Monthly and Weekly Instutional Buy Zone and also the 0.618 Fib Retracement level.. this level is a good area for institutional investors to come in.
The average 30 day Volume is around 311 K whereas the last few days the volumes has been in the range of over 750K. This means good buying is coming in these levels.
The monthly Institutional buy zone is between 207/- and 250/-
The stock is still trading below the falling trend line and the ideal buy would be after a confirmed close above the trend line with better than average daily volumes, however since this is a good stock and it is in the important support levels, one can start buying partly ( as per your risk appetite) at these levels and accumulate if it comes lower and within the buy zone mentioned above.
Target: We are looking at a long term target (1.50 to 2 years) of Rs.525/-
Comment
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The Stock has closed above the falling trend line.
lot of distribution is happening here where price is jacked up one day and there is follow-through selling from the higher levels the very next day.
ajayharidas
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@jigarpriya, Hi! at the current level the stock is changing from weak hands to strong hands. It is more accumulation than distribution. When we look at investment on thee long term, we should not e bothered about daily price fluctuations.
jigarpriya
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look at my comment and then look at the shareholding pattern for the Dec qtr :-)
ajayharidas
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@jigarpriya, you are right 😃👍🏻.. The share holding patten is changed majorly for FII's but it has increased in others and retail.. More over... I have given the levels of support.. and as of now it is holding... if it beaks the support, we exit. thats all. We will have to wait and see. What say? 😊😊