Scrip can given breakout from 52-week high, Neckline support and going strong with bullish surge
Bullish momentum sign 1) SMA - Price range is above SMA-15 and SMA-200 and SMA-15 is above SMA-200 which gives strength to ongoing momentum 2) Didnt get affected much during recent NIFTY corrections 3) Volume increase during past few sessions
Breakaway gap turned into exhaustion gap likely due to corrections overall
However, Company appears to be showing progressive growth with expenses being controlled and major expense like power/fuel getting lowered due to lower GST implication on lignite which will likely impact the cost further in long run
Planning to buy on further corrections near support zone -110-112 as scrip has started to show sign of reversal
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The scrip has strong support around 110 price range as it has rebound thrice
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Rebound/retracement back being seen again with bullish marubozu candlestick in action which signifies easy-to-spot signal with a very clear meaning however NIFTY support is necessary for the bullish surge :)
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After prolonged downtrend from retracing from strong support level - 110, The scrip is showing sign of bullish reversal with morning star pattern to follow
Q4 results on 19th May to decide the further flow..
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Bullish pin bar candlestick in formation which appears to have brought the flow in favor of bulls whilst the scrip had opened on gap down during opening hours pursuant to company Q4 results