Sector: Chemicals / Industry: Pesticides & Agrochemicals
Market Cap: 41936.45/- Cr. / Category: Large Cap
Current Price: 558.6/- Target Price: 672, 692/- Stop loss: 528
Ticker: NSE: UPL LTD Recommendation: BUY (Buy at CMP)
Date: 10/01/2024
We issue a Buy recommendation on United Phosphorous ltd. Based on a 10 -weeks Target price of 672, 692/- offering a 20% upside potential from its closing price of 558.6/- on 10/01/2024. Our recommendation is primarily driven by Elliott wave theory:
Elliott Wave Theory Outlook – United Phosphorous Ltd, Buy @ CMP
January 10th, 2024 By Dinesh Naidu
UPL is principally engaged in the business of agrochemicals, industrial chemicals, chemical intermediates, speciality chemicals and production and sale of field crops and vegetable seeds.
UPL has its presence across 138+ nations and is the 5th largest Agro chemical company and 4th largest seed manufacturing company in the world. UPL has market access to 90% of the world’s food basket and is a global provider of sustainable agriculture products and solutions with annual revenue exceeding 5 billion $.
The company offers more than 13,600 products and the company offers seeds, Crop protection, and offers post-harvest solutions, and has its presence across the entire Agriculture Value chain.
UPL has launched Triskele and Trishuk, which is India’s first approved three-way foliar herbicide for controlling grasses, broad leaves, and sedges for sugarcane.
It has also launched novel fungicide Evolution (in Brazil), providing three-way protection against Asian Soybean Rust, and insecticide Shenzi (Chlorantraniliprole based, in Brazil and Mexico), which are expected to bring key solutions to growers, helping us in consolidating our market position
In this technical research report we’re going to take a quick look at the Elliott wave chart of UPL ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favoring the long side. Currently the stock is in a Steep corrective structure, which might reverse soon from the current level. The stock is currently trading in wave ((2)) Zigzag pattern that has unfolded as corrective a-b-c-pattern in a daily time frame. The price might reach extreme zone at 672 - 692 level We don’t recommend selling the stock and prefer the long side from the 0.618 & 0.718 % Fib retracement level. As the Minor trend is already bullish in a slower time frame, we expect to see at least 3 last wave bounce from our buying zone. Once price bounce reaches 1.618% Fib against the (wave 3) high, we will make long position risk free (put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 528 level.
Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here is for educational purpose only. I will not be responsible for any of your Profit/Loss with this recommendation. Consult your financial advisor before taking any decisions.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you or not.
Market Cap: 41936.45/- Cr. / Category: Large Cap
Current Price: 558.6/- Target Price: 672, 692/- Stop loss: 528
Ticker: NSE: UPL LTD Recommendation: BUY (Buy at CMP)
Date: 10/01/2024
We issue a Buy recommendation on United Phosphorous ltd. Based on a 10 -weeks Target price of 672, 692/- offering a 20% upside potential from its closing price of 558.6/- on 10/01/2024. Our recommendation is primarily driven by Elliott wave theory:
Elliott Wave Theory Outlook – United Phosphorous Ltd, Buy @ CMP
January 10th, 2024 By Dinesh Naidu
UPL is principally engaged in the business of agrochemicals, industrial chemicals, chemical intermediates, speciality chemicals and production and sale of field crops and vegetable seeds.
UPL has its presence across 138+ nations and is the 5th largest Agro chemical company and 4th largest seed manufacturing company in the world. UPL has market access to 90% of the world’s food basket and is a global provider of sustainable agriculture products and solutions with annual revenue exceeding 5 billion $.
The company offers more than 13,600 products and the company offers seeds, Crop protection, and offers post-harvest solutions, and has its presence across the entire Agriculture Value chain.
UPL has launched Triskele and Trishuk, which is India’s first approved three-way foliar herbicide for controlling grasses, broad leaves, and sedges for sugarcane.
It has also launched novel fungicide Evolution (in Brazil), providing three-way protection against Asian Soybean Rust, and insecticide Shenzi (Chlorantraniliprole based, in Brazil and Mexico), which are expected to bring key solutions to growers, helping us in consolidating our market position
In this technical research report we’re going to take a quick look at the Elliott wave chart of UPL ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favoring the long side. Currently the stock is in a Steep corrective structure, which might reverse soon from the current level. The stock is currently trading in wave ((2)) Zigzag pattern that has unfolded as corrective a-b-c-pattern in a daily time frame. The price might reach extreme zone at 672 - 692 level We don’t recommend selling the stock and prefer the long side from the 0.618 & 0.718 % Fib retracement level. As the Minor trend is already bullish in a slower time frame, we expect to see at least 3 last wave bounce from our buying zone. Once price bounce reaches 1.618% Fib against the (wave 3) high, we will make long position risk free (put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 528 level.
Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here is for educational purpose only. I will not be responsible for any of your Profit/Loss with this recommendation. Consult your financial advisor before taking any decisions.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you or not.
Elliott wave Analysis, All types of Asset classes are covered like, Indices, Stocks, Currencies and commodities.