Stock has formed triple bottom. So one can trade the breakout. It seems to be a good demand zone and price have retested the level multiple times so can also take small risk and go long by providing the SL of 1255. If it works one can review the trade at 1370 to continue or book the profit.
Disclaimer : All ideas are my personnel view. Please take financial...
It seems that at 70 level buyers emerge and find the stock cheap from where prices bounces back. It has developed the triple bottom and now strong green candle is developing. It offers a good trade with small Stop loss of just low of today. One can continue the trade with trailing SL for the target of 87- 93. It may work as a very good risk to reward trade....
Pharma stocks have been beaten black and blue since a long time now.
This sector has shown almost no upside at all when other sectors have rallied turn by turn taking Nifty near 11000 levels.
I can see a Triple Bottom Formation here with increasing buying interest near a strong support area in Nifty Pharma NSE:CNXPHARMA . Many Pharma stocks like Lupin NSE:LUPIN...
All mentioned & plotted on Chart.
Multiple BOTTOM @ 102 to @ 98 zone. Though Closing above @ 100.
traditional Indicator & Oscilators => OverSOLD
Notice also in Daily timeframe.
Disclaimer: Take this information as study/education purpose only.
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NSE:INDIACEMOn weekly charts ,there is a breakout from flag pattern and triple bottom has been confirmed.
the pullback of the flag coincides with 50% fib retrace.
Long positions may be initiated at a throwback to the flag or after consolidation breakout on lower time frame .
Its trending above its 200,62 and 13 period EMA and after bullish crossover of 13,62 EMA...
It seems that stock has been good accumulated formed triple bottoms and now wants to rise. It has closed above the neckline giving the breakout and successfully retested it. One can buy the stock for a target of 750 - 775.