I thank all the users of the trading view for the comments on my previous post on Escorts. (link posted below).
it was an over whelming response and i was very pleased to hear from everyone
Thanks once again for spending your valuable time and pondering over the wave patterns
In fact i am a novice in wave labeling , and i understand there can be multiple views...
BUY SET UP AS AN INVESTMENT
1) BUY @ 630
2)TARGET 830
3) STOP LOSS 580
4) TIME FRAME - ONE YEAR
Reasons for Buy set up
1) one set of ABC wave correction is over
2) a channel low is spotted
3) confluence of 62% retracement & channel low
As shown in the chart ,
There is a confluence below 680
there is a higher high and higher low formation
wave wise - i guess one set of abc is over
As per me , Escorts is good to invest looking for a potential target of 800 in 1-2 year time frame
SWING TRADE IN ESCORTS
HAS FINALLY BROKEN 710 ON FUTURES CHART
AFTER A MONTH
BREAK OF RESISTANCE +RISING OI (12%)
JAN (FUT) TRADE
BUY@723
STOP@711.5
TARGET@740
LOT:1100
QTY:1
ESCORTS has a renewed interest in FNO with twice the volumes. However since NIFTY can be sideways, I will be taking ESCORTS in CASH Market NOT FNO.
Buy @ 665.5
Stop-Loss @ 645
Target @ 754
Please consult your financial adviser before investing
Maruti had a big rally in last 3 years from 4800 levels to almost 10,000.
This seems to be changing as it showed a Double top pattern at higher levels and broke the trend line.
Maruti is a positional sell with a stoploss of 8800 and targets can be 8000 and 7400.
