SMC Global is poised for a move to the other extreme of channel
SMC Global is a small cap broking firm also having an nbfc.. it has shown good growth in the past few quarters but has undergone good correction in the past few weeks due to the overhang of SEBI norms on discount broking as well as the rumors on curbs on F&O trading.
Q1 results are on 30th July. NCD offer is closing on 1st August. 0.89x subscribed so far. they have a green shoe option as well to retain any surplus upto 75 crores. Post results conference call is on 1st August after NCD closing.
1. In parallel channel it is coming up from support and has just crossed the 50EMA line. Previously this has been an indication of positive times ahead. It has also bounced from polarity support of 144.20.
2. Plan is to build position today keeping SL of 50EMA or if results are good then the channel support and resistance lines will act as stoploss and target.
Q1 results are on 30th July. NCD offer is closing on 1st August. 0.89x subscribed so far. they have a green shoe option as well to retain any surplus upto 75 crores. Post results conference call is on 1st August after NCD closing.
1. In parallel channel it is coming up from support and has just crossed the 50EMA line. Previously this has been an indication of positive times ahead. It has also bounced from polarity support of 144.20.
2. Plan is to build position today keeping SL of 50EMA or if results are good then the channel support and resistance lines will act as stoploss and target.
Note
big mistake of buying a cheap stock in bearish trend... keeps going lower... although the situation is perfect for investing as it is a fundamentally sound stock..will have to dump it in lng term porfolio for the time being 
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