In this weekly chart of Indigo paints wave (a or i) is completed at 1680 and wave (b or ii) retraced around 61% and followed by a green weekly candle...So may be wave (c or iii) is already started and it may bounce in given target range as wave (c or iii) in upcoming months....
Reasons To Enter : NSE:ASIANPAINT
1. Stock about to breakout after consolidating for a almost a month .
2. Crude Oil is going down , so considering the inverse correlation between crude oil and paint stocks , we can see demand going up as oil gets cheaper .
3. Stock closing above both 50-9 EMA
4.Breakout , retest already done . Now price might go up...
A bu;lish Flag and Pole Pattern has been observed on daily charts in NSE:INDIGOPNTS one can look into it to create a fresh position in the scrip at cmp of 1500 or below with stop loss of 1420 and for targets of rs 1575/1650/1725/1800/1875
Exit the position if the stop loss is triggered on WCB.
DO YOU WANT ALL MY RESEARCH FOR FREE THEN DON'T FORGET TO FOLLOW...
Indigo paints had a bumper listing during its IPO with 100% premium over issue price.
However, since its listing, it has been in a downtrend and has corrected to an attractive valuation.
The stock has already broken the downtrend and is now looking strong for a new upmove.
The targets and SL are given in the chart. One can enter at CMP if his/her outlook is of a...
Indigo paints
Entry above 1380
Target Above 1700
stop loss below 1250
note : for educational purpose only , not sebi registered , published on december 21
Indigo has already taken support multiple times from this line and it was acting as a strong acceptance zone.
If Indigo breaks the support and starts trading below 1770 we may see marked lower targets on the chart.
In case it takes support again upper marked targets can be seen in coming trading sessions.
To motivate me, Please like the idea If you agree with...
Below the Bearish level for now
the levels marked are for the whole month of Oct 21
Immediate support near 2494 levels..
if closes below 2494 then more weakness
trading levels marked...
Enjoy
NSE:INDIGOPNTS
Indigo paints is trying to do the breakout on daily charts. The resistance level is 2700. Make a long position above 2740. SL will be 2700.
Please share with your family and friend if you like the idea to go long. This chart is only for education purpose. Consult with your financial advisor before making any investment.
triangle pattern
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Greenline is target
Redline is resistance zone
Black Zone is supporting zone
if it break resistance zone and sustain it then it will achieve our target
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Note: Do your analysis before taking any action
