ShareIndia looking to breakout the Flag. Daily chart volumes building. Target should be flag pole. Good risk to reward ratio for long term. ShareIndia has excellent fundamentals. Great ROE, OPM, Profit and Earnings growth
Disclaimer: No recommendation.
Disclaimer: No recommendation.
Comment:
1.5Y or longer consolidation, Excellent quarterly results, Good breakout with volume gives good target
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Valuations PE 14.64 & PB 7.21 ratio less than Mar '22 ATH 19.68 & 8.94 respectively. Earnings doubled to 120.69 TTM from 61.90 Mar '22
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Almost nearing to the target. VCP Volume Contraction pattern can be seen in Daily chart. Can expect another breakout next week.
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Acuite Ratings & Research Limited has upgraded short & long term rating to A1+ & A+ respectively on Jan 4, 2023 15:54. Rating outlook is stable. This is good news.
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Promoter reduced pledge by -1.81% in last quarter and promoter stake increased by 1%. Promoter has also got his warrants converted to shares on Jan 17th '24 and reported to exchange on Jan 19th '24. Jan 24th today Q3 result. Making higher highs in weekly chart.
Comment:
Daily chart making Head & Shoulder pattern. Target was 2045 but price took reversal at 2026 (head formation). If neckline gets broken, will book profits. If strong reversal occurs negating H&S formation, will consider increasing position.
Generally H&S is bearish. Inverted H&S is bullish pattern. Exceptions are there w.r.to stocks.
Generally H&S is bearish. Inverted H&S is bullish pattern. Exceptions are there w.r.to stocks.