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Stock has given a crucial closing in today's session and has almost confirmed an inverse head and shoulders breakout on weekly charts. Stock can really show a big move from here as all the PSUs are going through rerating and this can be a very good play considering this rerating theme. A long position is recommended with respect to the levels mentioned on the charts.
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1st TARGET ACHIEVED!
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2nd TARGET ACHIEVED!
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@RoopaNaveen, doesn't seem to go below 80, might consolidate here at these levels for a while before it starts its next leg.
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@falakshayaan16 thanks , hope it does as you say. I did a mistake so checking if it will go up or not .
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@RoopaNaveen, you may keep a stop-loss below 80 on weekly closing basis.
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Should we wait for third target? Or the rally will stop now? Sir how to decide in such fast moving breakout stocks which can go down suddenly also?
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@Himanshu93, see the people who bought around breakout levels can book their profits even at these levels they still have got more than 50% or if they're comfortable they can choose to ride it more it totally depends on them, but yeah we can't suggest anyone to freshly buy at these levels because it has rallied quite a bit now. In my view it can still surge for the 3rd target, might take a little time but it will. In situations like these it is important for the trader to take the position at good levels because once the stock starts ticking up then it's hard for anyone to comfortably take any position.
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@falakshayaan16, Wow!Such a great insight! Loved this simple but very effective rule. Appreciate your efforts!
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@Himanshu93, you're really appreciative, really glad I could share my knowledge with you.
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