Last week GMM attracted my attention around 1700 when it was in a process of making a Bullish Wedge / Symetrical triangular pattern on its weekly chart.1700 was a strong resistance for the stock since one year. After a year long consolidation and after discounting all the bad news (offer for sale etc.) the stock is finally given a breakout above 1700 with a huge volume. GMM is MNC and is a market leader in his business. This is a very good Techno-funda stock as there have a monopoly business in India. The company is very good Fundamentally too. On weekly charts it has created a continuation pattern after a long consolidation, therefore, I recommend this stock for investment. Now we can expect the stock testing its previous all time high of 2100 which is around 15% gain. We will review this stock again at 2100.
CMP - 1825 Weekly
Target - 2100 Weekly
SL - 1700 Weekly
View - Short to Medium term.
CMP - 1825 Weekly
Target - 2100 Weekly
SL - 1700 Weekly
View - Short to Medium term.
Comment:
Target hit last week.