@Perfectnrw, previous swing 3900, there was 'W" pattern or double bottom and move up, consolidate on higher side. It was a bullish sign but range breakdown . so buying should be at 3900 levels again. I will let you know more in further analysis . Healthy discussion appreciated.
@Perfectnrw, a bearish engulf candle near the support zone, it may be due to earning and all. wait for weekly candle closing above zone because it may go down more due to multiple time testing of support zone(it is getting weak) then we will see next halt around 3300.I will update you as per price action. BTW.. I initiated a trade entry at 3902 (SL- 3792)with small quantity so if SL hit then loss will be less. If it close above 3920 at the end of this week add more quantities.
Perfectnrw
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My analysis Fundamentally: + Lowest API Producer(Bulk Drug) + Low Public holding +Consistent compounder Sales& Profit growth + Debt free + High International exposure +USD /INR weak beneficiary
- High FII holding -High Working Capital - Index Stock can face supply pressure. - FnO Share................... - Amid sharp fall in valuations; Still costly (35+ PE).
# I am having no issues in Divis capabilities ,& business Its a consistent compounder business. Just afraid of FII selling making it a Falling knife
mahhisingh
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@Perfectnrw, fundamentally good, but buy on deep is not justified if there is no technical signal to buy. Today again fall & SL hit within 5 minute and exit. Wait until next support 3300.Right now... this is a falling knife :) Are you long term investor in this script?
Perfectnrw
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@mahhisingh I invest in fundamentally strong companies having good business model with a return target . When my target is met I exit.