MARKSANS PHARMA is in Wave 3 after Multi-Year Breakout!!Analysis Date: June 24, 2024
Marksans Pharma Stock Analysis:
General Trend:
The stock was in range for years, the previous monthly high for Marksans Pharma was Rs. 115 in August 2015. According to Elliott Wave theory, this marked the completion of Wave 1, followed by a correction and completion of Wave 2 on March 2020 and entered Wave 3.
A breakout above the previous monthly high of Rs. 115.10 was recorded in July 2023. In August, September, and October 2023, the price retested the previous high and broke out again in November, accompanied by good volume.
Entry and Exit Points:
As per ichimoku the stock still in bull mode in monthly time frame and good accumulation last few months between 140-180.
Long-term Perspective: The accumulation price range is a good area to buy the stock, with a stop loss set at Rs. 110 (monthly candle close not spike).
Short-term Perspective: Fresh buyers can enter at CMP 162 and keep averaging till near the bottom of the accumulation zone and exit near the high of the range or hold or for two supply zones till 270. The stop loss will be1 hour candle close below RS. 135.
Expected Target:
Marksans Pharma is expected to hit supply zone 1 and 2 marked in the chart, once it breaks out of the accumulation zone. This target is derived based on the application of Fibonacci extension.
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