NAM India (Nippon Asset mgmt) Short Term trade idea |Elliot Wave

Jul 13, 2024

Looks like NAM India is in 4th wave of Elliot waves which can extend till the support line i.e. are of 645-650, if the stock takes support there then seeing price action last wave 5 can cross 700, a run of ~50 points possible to capture with a stop loss around 637, RR ratio of ~1:4
19th of July is the result date for the stock so if there are expectations of good result then a 50 points up move is easily possible for this script.

* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade with applying your analysis and at your own risk.

Jul 18, 2024

Trade active

Bingo : Wave 4 has reached to the area of 650 today, tomorrow it can move up a little and again fall till 545 and it gets support in the 545-550 range and move up then 700 can be targeted, so price action around this area is important.

On the other hand if it breaks below 540 then it will turn bearish.

Jul 19, 2024

Note

545 also reached. This is the area from where it can get support and bounce back but protecting 538-540 on hourly closing basis is important to make wave 5 else stocks might give further big correction.

Jul 22, 2024

Note

After support is broken the stock has made low till 625 and got 1 rejection from the trendline already.

Holding above 620 is important for wave to be formed, breaking below 620 will make stock more bearish.

Jul 23, 2024

Note

After support line is broken a fall of 66 points has come, stock is looking weak and holding 600-610 is important to recover.

Jul 25, 2024

Trade closed manually

The channel breakout worked nicely as expected by not the waves so closing this call

Jul 31, 2024

Note

Looking weak now and breaking below 640 can take it to 610-600.

Aug 7, 2024

Note

Yup the stock came below even 600, the channel breakout down worked perfectly well.