📌Strong 15m Candle closing above Resistance
✅Wait for more confirmation
DEVYANI
+ Breakout attempt in Smaller tf
+ Validated with Good volume
+ Above Key EMAs
Price is close to the support line,Trade can be initiated keeping resistance line as a target
Recently company has announced 20%YOY Growth.
Recommend by MOTILAL OSWAL as well with a target of 220.
SL can be maintained at previous swing low or at support.
The stock is forming H & S formation on weekly time frame.
if the channel is broken, the fall could be at least till 136 and then 111.
on daily time frame, both RSI & MACD is showing negative divergence.
I am bearish on this stock.
note: i am not SEBI registered and this is my outlook. this is not an invite to trade. please do your due diligence before investing
The stock recovered from support level in daily time frame and showing momentum for further upside. Price closed above ema 20 with good volume.
Target and Stop Loss marked in chart.
Thanks
-AJ
Disclaimer : The analysis published for educational purpose only.
Strong volume build up seen in weekly TF in this stock and near to complete fav pattern round bottom, follow chart for proper support and resistance levels.
Devyani International runs popular food chain Yum Foods in India which owns KFC, PizzaHut and may more other well known brands, fundamentally company is strong and near major support levels of 148 - 140.
To motivate us, Please like the idea If you agree with the analysis.
Happy Trading!
InvestPro India Team
Price action is showing the supply zone.
Sellers are strong, you can notice strong selling in the last two rallies.
You can sell after reversal from the Fibonacci level (0.5,0.6) as the stock is above the weekly pivot.
![DEVYANI: [MID-LONG TERM INVESTMENT] DEVYANI INTERNATIONA LOOKS GOOD](https://s3.tradingview.com/b/bkLdRV2L_mid.png "[MID-LONG TERM INVESTMENT] DEVYANI INTERNATIONA LOOKS GOOD")
