OFSS Long - Oracle
Rounding bottom pattern formation.
Seeing momentum for upmove. If high volume, can give good returns
Levels in blue line of chart.
No recommendations, just view.
Oracle Financial Services Software Ltd - 02.09.2022
The stock is trading @ 3147 levels
The PRICES ARE BELOW EMA
There is a BULLISH HARAMI in Daily Chart
There is a SPINNING TOP in Daily Chart
STOCHASTIC is Oversold in Daily Chart
The Fibonacci Retracement 61.8% is 3172
Let the prices go above 3175
Watch out for the price action
NSE:OFSS is nearing triangle breakout
Entry : Conservative traders, wait for breakout with volume above average and then take position. For small SL, enter on strong close above 3180
Exit : When the setup is invalidated by false breakout, or strong close below the triangle's support line
Target : 4200, giving around 32% returns from current price of 3147.70....
If breaks this level next 4150 would be seen soon. bollinger bands is squezzed so can give a move either side, so wait for confirmation to enter either of the side.
People Invest in ITC and other PSU for dividend and whatever dream of growth they see in those stocks !!
Here is OFSS.. U cant get better fundamentals than this Stock..
According to me , this is the cheapest IT stock available in the market and a safe bet !!!
DIVIDEND YEILD - 5.5% at CMP !!! what else do u want ? rather than making a mutual fund SIP or doing FD...
on DTF the company is forming a cup and handle pattern and taking resistance from 3600 levels.
This level has been tested multiple times now. So any close above this 3600 level can move the stock to further 4k levels.
On a weekly timeframe, this shows an inverted H&S pattern, which is a bullish pattern.
DISC: For educational purposes only.
If it breaks the resistance zone then you can enter
Targets are mentioned on the chart
Note: This is my view, you should do your analysis before taking any action.
1) Breakout of 6 months bearish trend this week with large volume -- RSI also in overbought zone
2) High Delivery and OI volume in last 3 days
3) USD INR making new lows due to dollar strengthening
4) While other IT companies even Wipro made new highs, ofss has been laggard
5) 73% owned by Oracle 20% by Institutions majorly FIIs- RoE-31% but profit growth has...
Weekly MACD cut and daily MACD Crossover will helps to break the triangle. In mid term view it may reach the new higher levels.
CMP: 3557
Targets are
3780, 3807, 3920, 3994
4084, 4110, 4206, 4243
4286, 4365,, 4392, 4619
Stoploss: 3376
Vijayaraghavan,
Inditrade,Kovilpatti
