After rally of Asian Paints and Berger Paints , it may be possible that Nerolac paints could show good momentum. It's PE is around 60 and sector PE is around 90. Now let's talk about technicals :- Stock has been forming symmetrical triangle pattern and now it has given a good breakout . Stock is now retesting the resistance line. If retest is successful , we can see a good up-move. This is my analysis, done only for educational purpose only, feel free to share your views/feedback.
Good pick, As per the rules i understand that it should happen between 19th June and 6th July
vigneshwarankannabiran
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@krpwn1516, What is the rules of that can u share it
krpwn1516
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@vigneshwarankannabiran, Hi Sorry for the delayed response. As per the rules the breakout generally happens between 2/3 rd to 3/4th of the time frame of the triangle. Time frame of the triangle is from the time triangle makes / contact first point to the Apex.
krpwn1516
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@krpwn1516, Also if you apply Ellito Wave theory then we should expect a target between 772 to 920. the current phase is the Wave 4 of the Elliot curve. Wave 5 is the last bull of the cycle. Consolidation either happens in wave 4 or Second bear wave post 5th (Impulse) wave