The stock of Symphony has been following a descending triangle pattern. It has a strong demand zone near 800 levels and currently, its looking to give a bullish breakout from the trendline resistance. Next supply zone is around 1200-1220 levels.
The company has also announced a buyback at Rs. 2000/ share. Also, the summer heat might help boost the revenue in Q4 2023. These factors can support the breakout.
So, do keep this stock in watchlist as it is currently trading above 200 Weekly EMA and RSI breakout is also done.
Idea is shared only for educational purposes and please trade according to your research.
The company has also announced a buyback at Rs. 2000/ share. Also, the summer heat might help boost the revenue in Q4 2023. These factors can support the breakout.
So, do keep this stock in watchlist as it is currently trading above 200 Weekly EMA and RSI breakout is also done.
Idea is shared only for educational purposes and please trade according to your research.
Trade active:
Today, good volume buying is seen.
Consolidation breakout is done.
Consolidation breakout is done.
Comment:
10% done
Trade closed: target reached:
Today's high is 1219. T1 achieved.
Above 1220, stock can test 1400 levels in medium term.
Above 1220, stock can test 1400 levels in medium term.