mastermukund4

Cup with Handle Breakout - Complete Reversal of Trend

Long
NSE:SHRIRAMCIT   SHRIRAM CITY UNION
Shriram City Union is involved in the business activities of Other financial service activities, except insurance and pension funding activities.

The Stock broke out a resistance with good volume after a prolonged downtrend and hence indicated a sign of reversal to uptrend. The Stock is very well placed on charts and looks very positive technically. The stock broke out a Cup & Handle Pattern on daily today and is ready for higher targets.

The Company is fundamentally very sound. The Company has been gaining FPI interest continuously and they have increased their stake from 26.79%in June, 2020 to 28.47% in March 2021. Mutual Fund also has an stake of 3.53% in the Company. The Company has recently posted excellent numbers for last quarter of FY 21.

Considering all fundamentals and technicals, the stock is perfect counter to be traded.

For Targets & SL refer chart.

Feel free to share your feedback and queries. Do not forget to follow me for upcoming posts.
Trade active: About to get first target
Comment: First Target was done on May 24, 2021

Comments

Good analysis...Just wanted to add one point here that at around 1850-1875 it has a strong resistance.If that is broken then we can see an upmove towards 2200.
+1 Reply
@biswajitc86 thanks for your appreciation. Your observation is right. A resistance line has been drawn on charts near 1864 levels. we are hopeful that the resistance will be breached successfully and we will get our target
+1 Reply
Very much Bullish chart.
+1 Reply