Magma Fincorp Ltd. was in a consolidation since 12th March, 2021. The declining resistance line and rising support line has formed the symmetrical triangle on this chart. The price gave an upward breakout on 4th May, 2021 and closed at Rs
. 122.55. I anticipate the price target of Rs
.160 and suggest the stop loss at Rs
. 118 to be followed for the first four daily candles starting from 5th May 2021. Thereafter, the profit booking/ exist decision should be based on achievement of the price target or downward crossover of 26 EMA
by 5 EMA
whichever happens earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be solely at the risk of the investor.