Container Corporation of India Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on February 13, 2017, inter alia, to consider the approval of Un-audited Financial Results & Segment wise Revenue, Results & Capital Employed, for the quarter and the period ended on December 31, 2016 (Q3).
The Board of Directors may also consider declaration of interim dividend.
Going below 1235 which has been rejection zone can put container corp again in pressure & likely will continue in an impulsive manner to the zone 1120-1140 which will retrace the initial impulsive push from 1055-1228 by 61.8% -a likely .
Scenario 1- Risky Traders - Going below 1235 -Keeping stops above 1299 for the target 1120-1140 zone. Once it dips below 1235 -it should even go below 1200 then likely slips to target zone as mentioned.
Scenario 2- Having patience & waiting for corp to come close to 1120-1140 zone if that zone holds & dividend declaration can make the container explode later on for target zone 1400-1425 zone.
Turns from day high@1289 Previous High@1299
This risk also could have been taken as it was close opportunity for one would have lost 10-15 points, but gain have 15:1 Risk Reward ratio at price zone of 1120-1140 - That is an explosive one.
The rally got extended above 1299 but fall is even scary - expecting 1120-1140 zone where it retraces 61.8% & we plan for buying the stock in that zone.
Trendline should break then likely it heads down to the desired zone of 1120-1140
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ