MIDHANI - Bullish Consolidation with VolumesNSE: MIDHANI is closing with a bullish consolidation candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 8% to 13% gain on deployed capital in this swing trade.
The view is to be discarded in the event of the stock breaking previous swing low.
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MIDHANI
Cup and handle in Mishra dhatu NigamMIDHANI has formed a beautiful a beautiful cup and handle pattern from 2020. Now, the stock is standing near its neckline and is looking strong.
However, the stock has rallied from quite some time now so wait for consolidation after breakout or a retracement to get a good SL. Currently, 230 is a strong support.
Positional Target can be 350 which is 90 points(the length of handle above the neckline) .
Note:-Idea is shared for educational purposes and should not be considered as a recommendation.
Inverse head and shoulder breakoutChart -> MIDHANI Daily
Inverse head and shoulder breakout with volume!
CMP: 225
Good Range: 210 to 225
Target: 263.50
SL: 206 Daily Close
Disclaimer: This is for educational purposes only, not any recommendations to buy or sell. As I am not SEBI registered, please consult your financial advisor before taking any action.
Long Midhani for target of 240 In near term there is correction in stock and can fall close to 190 - 195.
Once the stock closes above 214 then we can go long. Also fundamentally a new manufacturing plant is starting in 2023 which raises the forward PE for the stock.
This has been accumulation since last 2 years and havent participated in rally. The defense local manufacturing will make it more attractive.
MIDHANI | Good for Long NSE:MIDHANI
Entry : Above 212 on closing basis
Target : 224, 235, 248, 265 & 278
SL : Closing Below TL or According to Your Risk Management
Reason for Trade : TL Break Out with Moderate Volume & Upcoming Divident |
Maintain position Sizing | Keep strict SL | Book on each Target & Trail your SL
I am not a SEBI registered analyst, All scripts posted here are only for study purpose. Do your own analysis before taking any positions.
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Live Challenging Stock Market Analysis Buy MIDHANI @ 204.35Live Challenging Stock Market Analysis Buy MIDHANI @ 204.35
Target @ 267.30
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