VMART - Long term rounded consolidation followed by weekly break

After making a weekly closing high at 3172.25 during the week ended 27th August 2018, VMART entered a 3 year long sideways/down period where the stock had its upside capped at 2900 on a weekly basis.

As the chart clearly shows, the stock has undergone a 3 year long rounded consolidation phase between 1600-2900 (ignoring the noise). VMART has managed to break out of this consolidation by giving a weekly closing of 3123 this Friday.

Since the stock has given a text book breakout after a long consolidation, one can invest in this stock strictly for the medium to long term. VMART is a lightly traded counter and one must preferably avoid short term trading in this counter.

Stop Loss : 2930 WCB

Target : at least 30 percent.


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