Engines was in a consolidation which was preceded by an impressive up rally. The price gave an upward breakout on a daily chart
to the consolidation and closed at Rs
. I anticipate the price target of Rs
.272 and suggest the stop loss at Rs
.223 to be followed for the first 4 daily candles starting from 27th May 2021. Thereafter, the profit booking/ exit decision should be based on attainment of the price target or downward crossover of 26 EMA
by 5 EMA
whichever is earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be at the sole risk of the investor.