- Story between Jan 2014 to June 2014
The lyrics of the song Highway Star by Deep Purple sums it up perfectly...
Nobody gonna take my car
I'm gonna race it to the ground
Nobody gonna beat my car
It's gonna break the speed of sound
Oooh it's a killing machine
It's got everything
Like a driving power big fat tires
I love it and I need it
I bleed it
Yeah it's a wild hurricane
Alright hold tight
I'm a highway star
- the stock zoomed 4 times yes that's right 4 times from 67 to 275 in 6 months
- however story since then...
Stuck in a moment by U2 summarises the scenario perfectly
You've got to get yourself together
You've got stuck in a moment
And now you can't get out of it
Don't say that later will be better
Now you're stuck in a moment
And you can't get out of it
it has been just sideways between 200-266 roughly for 3 years now
Its like driving from Pune to Panvel on Express way you reach in 60 mins and then driving from Panvel to Mumbai... stuck in city traffic for 3 hrs ... :-(
Coming back to charts do keep a close eye on the stock
Closer to 220 or in the range of 205-212 the stock looks good to go long from Risk:Reward ratio perspective
- target 260-266 zone initially
-and as & when the stock gives a weekly close above 275 it might spice things up and we might see the stock again on the highway road accelerating towards 450 zone
Review your trading plan and plan your trade accordingly...
Take care & happy investing...!!!
We are still in observation mode and waiting for the stock to come in the range of 205-212 or waiting for the stock to give some sign of reversal...
Do see our view on broader markets i.e. Nifty
So We are not in a hurry to buy...
Patience is the name of the game...
Stock reversing from 205 levels after making a low of 203.50
Low made of 206.65 On a closing basis
That's a nice 14 points (approx 7%) movement from 206 levels...
Booking partial profits and keeping sl at 208 for balance
Take care & safe trading...!!!
On daily charts the stock is struggling to stay above 5 day EMA... Volume is thin... suggesting buying interest has still not come
On hourly chart yes RSI looks oversold but we are still waiting for volume indicator to pick up and or a move above atleast 5 hour EMA
Other wise the stock may slowly drift lower
So we are not looking in a hurry in to a trade...
We are like wise waiting in BHEL ONGC too...
But we hve book profits in some other counters like ICICI Bank , Apollo tyres and Idea
And Nifty we are riding the Shorts
As suggested yesterday we are looking to see if Nifty will take out 20 day ema today...and that is exactly where the trade is happening right now... if it does break 20 day EMA, we r expecting some more downside in broader market next week too