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CONCOR: Confluence of multiple Bullish PatternsNSE:CONCOR looks extremely bullish in weekly timeframe. And note: There is a mulling over Govt for the potential disinvestment of CONCOR to reduce Govt shareholding from 55% to 34% and relinquish the management control to strategic buyer(s). Looks like market is factoring that in. There is a 5 years long monthly trendline shown as the green slanted line Then in weekly it creates a confluence of multiple bullish breakout pattens: W pattern, Cup-and-Handle, Ascending triangle - all points bullishness. COI (Cumulative Open Interest) is showing sufficient long build up in Nov contract. One can put a SL of 690 for a target of 785 and 840 thereadfter. Please note: The bullish buildup seems in the anticipation of the disinvestment.
NSE:CONCORLong
by pradipandsuvra
ICICI BANK: Correction Ahead Indicator Analysis: Prices were trading in an uptrend making higher highs and higher lows posting a high of INR 936.65 on 15'Sep'22 and subsequently retreated back on the same day forming a Hammer Candlestick pattern. Post that prices witnessed a selling pressure and broken the rising trend line established from Jun'22 low of INR 699.95 and currently trading below its 13-Day and 40-Day exponential moving average. The momentum oscillator Stochastic (13,8,5) has given an negative crossover and turned bearish while RSI (14) hovering around its 40-region. Based on these observations prices are likely to hold below 900 region and continue the correction towards INR 800 and INR 775 (where 200-Day exp-moving average is also placed) in the coming 2-3 weeks. Elliott Wave Scenario : Prices have concluded a five wave impulsive structure at INR 936.65 from Jun'22 low of INR 699.95 and subsequently undergone into a corrective structure trading below Fibonacci 23.6% retracement level. As per the current structure prices are likely to fall in a three wave corrective structure towards INR 800/770 which is also a Fibonacci 61.8% retracement level of the prior rally. Hence, any recovery from the current level is likely to hold below INR 900 and lead the prices for downside correction towards INR 800 and INR 775 in the coming 2 to 3 weeks.
NSE:ICICIBANKShort
by TradingSutra
8
NSE:Wonderla - I am wondering....where is stock going 🎡 Wonderla Holidays is engaged in the business of Amusement Parks and Resort. KEY POINTS IPO and promoter group Wonderla came up with their IPO in April 2014 to raise 181 cr. which went into funding their upcoming amusement park in Hyderabad, that was operationalized in 2016 . The company was setup by Kochouseph Chittilappilly in 2000, the same promoter group also founded V-guard brand of stabilisers and runs V-Guard Industries/ Amusement Parks Wonderla currently has three operational parks, one each in Kochi, Bengaluru and Hyderabad established in 2000, 2005 and 2016 respectively. The Bengaluru park also has a resort with 4 banquet halls and 84 rooms Average revenues over the last 5 years (FY15 to FY20) have been ~79 cr. in the Kochi park and ~116 cr. in the Bangalore park. As Hyderabad park was operationalized only in FY17, revenues have grown from ~57 cr. in FY17 to ~74 cr. in FY20. Upcoming Parks and expansions A fourth park is being setup in Chennai at a cost of over 300 cr. The company is currently under discussion with the Chennai state government to resolve certain tax issues, after which construction activities will resume. The park has received exemption on entertainment tax for 5 years from the date of commencement of commercial operations or 01-10-2021 (whichever is earlier). Wonderla is also in discussion with the Odisha state government to setup a park in Bhubaneswar on an asset-light model, where land will be taken on lease and the total cost for setting up the park will be ~100 cr. Wonderla also plans to build a resort in Hyderabad similar to the one in Bangalore Revaluation of reserves Land was revalued in FY17 which caused equity reserves to go up from ~346 cr. in FY16 to ~684 cr. in FY17. Miscellaneous - Wonderla manufactures and maintains their rides in-house lowering cost of construction compared to if they were imported - Wonderla spends 8-10% of their revenues in advertisement and sales promotions - Wonderla's business is seasonal in nature with higher footfalls in June and December quarters corresponding to summer break and festive season respectively.
NSE:WONDERLALong
by Peaceful-Weekend-Investing
IndusInd Bank: Weekly chart looks lucrative Note: Weekly Chart: - Rounding Bottom formation completed with 11 months time horizon (blue arch) - Convincingly above long term (3 yrs) downtrend line. (blue solid line) - Cum. Vol delta is positive and in uptrend for last few weeks (below plot) - In a fresh motive Wave-1 in Elliot Wave since July (purple). With a SL of 1150, one can long. For safe trader can create a Bull Call (debit) spread with 1200 CE Buy and 1400 CE Sell (preferably Oct'22 expiry) as it's weekly chart.
NSE:INDUSINDBKLong
by pradipandsuvra