Recommendation: Enter now at the lower support lines and exit at the upper resistance line.
Why I am personally bullish on this stock ? 1. Bullish Price Channel 2. Strong Fundamentals a) Quarterly Sales increased from 77 crores (Dec 2021) to 182 crores (Dec 2022). b) Quarterly Operating Profit increased from 4 crores (Dec 2021) to 46 crores (Dec 2022). c) Pledged promoter holdings is insignificant. d) In last 6 months, promoter holding in the company has almost stayed constant.
Supplemental Reading (Optional) ----------------------------------------- a) What is a Channel Chart Pattern ?
1. A trading channel is drawn using parallel lines that follow the price floor (support) and price ceiling (resistance). 2. When the direction of a channel is upward then it is considered the bullish channel whereas when the direction of the channel is in the downward direction then it is called a bearish channel.
b) How to trade in Parallel Channel?
1. Sell stocks at the upper resistance line. 2. Hold stocks within the parallel trend lines. 3. Buy stocks at the lower support lines.
Disclosure: I am not a SEBI registered advisor. The information provided here is for education purposes only. I will not be responsible for any of your profit/loss with this channel suggestions. Consult your financial advisor before taking any decisions. This is neither an advice nor an endorsement.
Comment
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Wait, as It may hit the price floor support again.
Trade active
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Broke the Parallel Channel, showing a bearish trend showing poor market sentiment even though the fundamentals and profits are good.
Trade active
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Strong Support and buying Pressure at Price 127.80 /- Lets wait and see
Trade closed manually
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Trading Closed: Unable to break the Lower line of the parallel channel which was previously acting as Strong Support and now during pull back this line is acting as strong resistance. It may try again and break the channel only if there is a strong volume backed by some economic or revenue sentiment. Closing the trade for now.
@vanathi, thank you for the encouragement and appreciate sharing the guidance link.
4576c7aa2bb04832b704aee8c03904
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How much more it will fall ?? what will be the next downward & upward targets or from where it will bounce back. ??
URANOUSCOLD
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Update 1: Wait - The price may hit the support again !
Kapil-Mittal
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👍 Thank you for sharing your insights on this stock and providing helpful information on trading channels. Your bullish outlook on the stock is backed by strong fundamentals, which is always reassuring for investors. It's great to see that the company's sales and operating profits have been consistently increasing, and that the promoter holdings have remained stable. Your recommendations on how to trade in parallel channels are also very useful. Keep up the good work!
URANOUSCOLD
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@Kapil-Mittal, I hope the analysis helps the investor community. With best intent, will post more, thanks a ton for your reply.
amoltofi
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@URANOUSCOLD, aap buy karnewale ho ? I am new please help me
URANOUSCOLD
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@amoltofi, Keep an eye on the stock for a few days ! I can see strong support at the channel bottom, if you want to buy, please buy at a price from the bottom of the channel but always look out for high volume breakouts at the channel support.
Welcome to the trading view community. Good work on your first analysis.
Refer the link for guidance. tradingview.com/support/solutions/43000603748-how-to-post-awesome-ideas-and-get-lots-of-likes/
regards
Vanathi