It looks Amara Raja bounced off channel support and bollinger bands lower lines.
Break over long term weekly downtrend line will push this up. Further support taken yesterday and today is near about 66% of 93 (915 - 822) from the fall of 915. Which indicates probable formation of cup and handle at 915 level. If it happens, then reverse H&S also being formed at 915 on daily chart. Should go long in this stock for long term with SL at 821 and...
It is been observed on Weekly and Daily Chart that the price action is forming lower lows and lower highs indicating a bearish move ahead. It has also broken previous support of 840-850 levels. Now, it shall further dip down. Target 1: 825 Target 2: 800 Stoploss: 850
Add in-between 840-846 only with a strict stop loss of 835 on closing basis. with immediate target of 860, 883 and 915
Amara Raja Batteries' price failed to breakout inverted head and shoulders.
Good bullish formation. Breakout of consolidation will lead to targets of 1200. Risk to reward ratio 5:1