Fundamental Analysis:
Market Cap: ₹8861 crore
Current Market Price (CMP): ₹273.05
52-Week High: ₹278.85 | 52-Week Low: ₹162.10
PE Ratio: -34.94 (Low PE) | PB Ratio: 15.19 (average PB)
Technical Analysis:
Cup and handle pattern forming near neckline for breakout in the weekly frame.
Target: ₹312, ₹360 | Stop-loss: ₹230, ₹209.70
Recent breakout from upper Bollinger Band.
Note:
Exercise caution, wait for a confirmed breakout from the cup and handle pattern.
In case of pattern failure, consider buying below ₹240-230 levels.
Psychology of Cup and Handle pattern
Cup Formation:
Prices gradually decline in a "U" shape, wearing out speculators.
Volume decreases on the left side of the cup.
Accumulation Phase:
Institutional and strong hands see value, leading to increased volume as they accumulate the stock.
Resistance at Lip:
Prices encounter resistance at the level of the left side of the cup (lip).
Traders sell, forming the handle of the pattern.
Handle Formation:
Traders attempt to reach the resistance area, creating a handle.
Breakout Scenario:
Successful breakout if prices surpass the resistance area.
Indicates the end of a multi-month consolidation and the potential for continued upward movement.
Bearish Scenario:
If prices fail to break out, establishes a solid resistance area, indicating a bearish outlook for the chart.
Conduct thorough research before making any buying, selling, or holding decisions.
Disclaimer:
This analysis is for informational purposes only and not a recommendation for buying or selling. Financial decisions should be made after careful consideration and research. The market is subject to risks, and past performance is not indicative of future results.
Market Cap: ₹8861 crore
Current Market Price (CMP): ₹273.05
52-Week High: ₹278.85 | 52-Week Low: ₹162.10
PE Ratio: -34.94 (Low PE) | PB Ratio: 15.19 (average PB)
Technical Analysis:
Cup and handle pattern forming near neckline for breakout in the weekly frame.
Target: ₹312, ₹360 | Stop-loss: ₹230, ₹209.70
Recent breakout from upper Bollinger Band.
Note:
Exercise caution, wait for a confirmed breakout from the cup and handle pattern.
In case of pattern failure, consider buying below ₹240-230 levels.
Psychology of Cup and Handle pattern
Cup Formation:
Prices gradually decline in a "U" shape, wearing out speculators.
Volume decreases on the left side of the cup.
Accumulation Phase:
Institutional and strong hands see value, leading to increased volume as they accumulate the stock.
Resistance at Lip:
Prices encounter resistance at the level of the left side of the cup (lip).
Traders sell, forming the handle of the pattern.
Handle Formation:
Traders attempt to reach the resistance area, creating a handle.
Breakout Scenario:
Successful breakout if prices surpass the resistance area.
Indicates the end of a multi-month consolidation and the potential for continued upward movement.
Bearish Scenario:
If prices fail to break out, establishes a solid resistance area, indicating a bearish outlook for the chart.
Conduct thorough research before making any buying, selling, or holding decisions.
Disclaimer:
This analysis is for informational purposes only and not a recommendation for buying or selling. Financial decisions should be made after careful consideration and research. The market is subject to risks, and past performance is not indicative of future results.