Sector: Ferro Manganese/ Industry: Ferro & Silica Manganese
Market Cap: 3,214.79 Cr. / Category: Small Cap
Current Price: 1096.75/- Target Price: 1279, 1301.2/- Stop loss: 998.6
Ticker: NSE: MAITHANALL Recommendation: BUY (Buy Around 1053 – 1049)
Date: 29/11/2023
Elliott Wave Theory Outlook – Maithan Alloys, Buying the Dips around 1053 – 1049 zone.
November 29, 2023 By Dinesh Naidu
In this technical research analysis we’re going to take a quick look at
the Elliott wave chart of Maithan Alloys ltd. As our members know, the stock is showing
impulsive bullish sequences that are calling for further strength. Our team recommended
members to avoid selling, while keep favouring the long side. Recently we are in
corrective structure in a smaller time frame. In the further text we are going to explain
the Elliott Wave Forecast and trading strategy.
The stock is giving us wave (ii)) pull back that is unfolding as a Zigzag pattern in a smaller
time frame. The price might reach extreme zone at 1053 - 1049. We don’t recommend
selling the stock and prefer the long side from the 61.8 & 78.6% Fib levels. As the main
trend is bullish, we expect to see at least 3 waves bounce from our buying zone. Once
bounce reaches 61.8% Fib against the (wave 3) high, we will make long position risk free
(put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 998.6
Momentum & Trend Indicators:
Indicator Value Zone
Relative Strength Index 59.19 Neutral
Rate of Change 7.11 Positive
Stochastic %K 72.01 Neutral
MACD 13.23 Positive
Disclaimer: I am not a SEBI registered Research Analyst. The information provided here is
for education purpose only. I will not be responsible for any of your Profit/Loss with this
recommendation. Consult your financial advisor before taking any decisions.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve
substantial risk and may not be suitable for all investors. Leverage can work against you as
well as for you. You should therefore carefully consider your investment experience as
well as financial condition before deciding if trading is suitable for you or not.
Market Cap: 3,214.79 Cr. / Category: Small Cap
Current Price: 1096.75/- Target Price: 1279, 1301.2/- Stop loss: 998.6
Ticker: NSE: MAITHANALL Recommendation: BUY (Buy Around 1053 – 1049)
Date: 29/11/2023
Elliott Wave Theory Outlook – Maithan Alloys, Buying the Dips around 1053 – 1049 zone.
November 29, 2023 By Dinesh Naidu
In this technical research analysis we’re going to take a quick look at
the Elliott wave chart of Maithan Alloys ltd. As our members know, the stock is showing
impulsive bullish sequences that are calling for further strength. Our team recommended
members to avoid selling, while keep favouring the long side. Recently we are in
corrective structure in a smaller time frame. In the further text we are going to explain
the Elliott Wave Forecast and trading strategy.
The stock is giving us wave (ii)) pull back that is unfolding as a Zigzag pattern in a smaller
time frame. The price might reach extreme zone at 1053 - 1049. We don’t recommend
selling the stock and prefer the long side from the 61.8 & 78.6% Fib levels. As the main
trend is bullish, we expect to see at least 3 waves bounce from our buying zone. Once
bounce reaches 61.8% Fib against the (wave 3) high, we will make long position risk free
(put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 998.6
Momentum & Trend Indicators:
Indicator Value Zone
Relative Strength Index 59.19 Neutral
Rate of Change 7.11 Positive
Stochastic %K 72.01 Neutral
MACD 13.23 Positive
Disclaimer: I am not a SEBI registered Research Analyst. The information provided here is
for education purpose only. I will not be responsible for any of your Profit/Loss with this
recommendation. Consult your financial advisor before taking any decisions.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve
substantial risk and may not be suitable for all investors. Leverage can work against you as
well as for you. You should therefore carefully consider your investment experience as
well as financial condition before deciding if trading is suitable for you or not.
Elliott wave Analysis, All types of Asset classes are covered like, Indices, Stocks, Currencies and commodities.