However those applied in its still made decent as, price was in Rs 245-250 band.
Now , who have applied for the just listing gains, might have already booked their profit and ran out of the stock.
But those applied for longer term prospects, might be looking for its future growth.
Currently , we just have a price action for a month,which still can tells , where the stock would head in the near term.
So lets Analyse.
- The Day One Candle is a long Candle , which indeed acted as range till in the stock, and it can be seen trading near the lower levels of this Long Candle.
This Candle is then followed by indecisive candles, forming saucers patterns, which might suggest that stock is forming a base before taking a leap.
On Front : it is observed diminishes when stock falls, while it increases when stock rallies.
Current pattern in the stock indicates, that it might test its high band of the range created by the Long Candle.
Near Term support can be seen at 350 levels.
Strong : 330-320.