ORIENTAL RAIL INFRASTRUCTURE LTDTechnical Analysis
- After breaking out at ₹150, the stock reached ₹300.
- It consolidated in a range for 6 months before breaking out again in June 2024 to touch
₹450.
- The price has now retraced to the ₹300 level, retesting previous support.
- Fibonacci Retracement: Currently in the golden pocket zone.
- RSI: Indicates a healthy momentum.
- Moving Averages: Trading above the 50 EMA and 200 EMA, indicating a bullish trend.
Fundamental Analysis
- Company Fundamentals: Strong
- Valuation: Slightly expensive but not a significant concern for short-term trades.
Action:
1. Buy Zone:
Consider buying between 331.45 and 304.80, keeping an eye on price action and volume at these levels for confirmation.
2. Stop Loss Placement:
• Place a stop loss around ₹295-298 to limit potential losses if the support levels fail.
3. Profit Booking:
• Start booking profits around 400,₹440 for the short term. If the price shows strength and breaks above the 400 level, hold for a medium-term target of ₹500.
4. Monitor Key Levels
Keep an eye on the 50 EMA and 200 EMA for any changes in trend direction.
Watch for price action around key Fibonacci levels to adjust strategy accordingly.
Summary:
• Entry: ₹331.45 to ₹304.80.
•Stop Loss: ₹298.
• Targets: ₹400,440 (short-term), ₹500 (medium-term).
Risk:Reward = 1.65 ( for target 400 )
2.65 ( for target 440 )
note* This is a circuit stock, UC & LC are very common so please place your SL.
Happy Trading:)
