After completing the super cycle W5, Nifty entered into what could possibly be a correction (or a bear market?) in text-book style leading diagonal pattern(Wave 1). Currently its either approaching end of Wave 2 or already just completed W2. Expect Wave 3 to be nasty and swift and deep.
Target Date: Likely by mid to end of June
Target correction: 10 to 20%.
Stock has confirmed it's inverse head and shoulders breakout on weekly charts over the levels of previous close, it looks ready for a big upside move from here as tyre stocks are still in traction. A long position is recommended with the mentioned stop-loss for the mentioned targets.
Stock has struggled to sustain over the levels of 120, once it gives a comfortable closing above these levels then stock can surge to really big levels from here. Keep an aye on its movement. Positions can be made above 122 with the stop-loss and targets mentioned on the charts.
