On analyzing the weekly chart of LAURUS LABS we noticed that the stock is consistently taking support at the trend line. An individual looking for medium-term to long-term investment can take a position at current levels. The stock is having resistance at a level around 600. Investors time horizon for holding the share should be at least 6 months.
The pattern has formed at the resistance zone and the price has come below the important support of the 17600 range.
As per the volume profile majority of price, action has happened on the 17300 level. It can be considered the next level of support.
Why SMARTLINK ?
After HUGE CORRECTION from it's high(AROUND 50%).
IT IS FORMING A HUGE SUPPORT.
"Stock have taken a step back to jump further HIGH"
it's booming for SHORT TERM.
have it in your watchlist.
IMPORTANT:- thank me later 👍
LEVELS ARE GIVEN IN CHART !!!
TRIGGER PRICE :- 136
"REMEMBER, STOCKS ARE NOW AVAILABLE AT...
Nifty will gap down today around 16500-16550 taking clues for SGX nifty, a nice
opportunity to initiate longs.
I would suggest to long nifty around 16400-16450 with sl 16325 and targets of 16550-16600.
Also there is strong support of RSI @30.
There are two ways to enter into Arvee Laboratories
1. According to fib retracement there is deep pull back to 61.8% from recent high after a breakout (somewhat risky) --> enter @88 with SL@75 for tgt1@100 tgt2@120
2. The above is a good buy zone, although entering at a key support area between 81.5 and 78.5 will be safer option if it comes down. for this you can...
1. Formed Symmetric triangle
2. Breakout from triangle.
3. Retest done.
4. Major breakout
5. Retest done at heading to previous ATH.
SL : 2300 (weekly closing basis)
Also NIFTY ENERGY at support levels. Chart link attached below.
One can add SBICARDS on watchlist
Trade based on the breakout on either sides.
Possible buying zone.
Seems a strong support!
Disclaimer: All charts are for educational purpose only. Please consult your financial advisor before investing.