of the darling stocks in discretionary consumption space had taken a beating in the recent market fall. After the down move the prices have been consolidating in a triangle and could provide trading opportunities on both sides. However the short term indicator setup suggests that a long trade near the levels mentioned in the chart can be quite rewarding . If the prices manage to stay above 816-822 levels , it can test the upside targets given in the chart once the price breaks above the current triangle formation. The momentum in the short term chart suggests that there is some more steam left in the up move. If the price stay below the mentioned level it can test lower targets mentioned in the chart. Will update this chart if a sell condition in the indicator setup is confirmed.
The first version of this analysis appeared in the educational blog of Center for Research in Asset Markets and Economy (CRAME), Christ (Deemed to be University) Lavasa
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Prof. Binu P Paul PhD
Prof. Soumya V ACSI