The stock is in an uptrend and has seen a big breakout in the last couple of trading sessions. Volume has spiked too, which is a positive sign. Am watching this stock. Have made an initial purchase already. Would like to add more on a breakout above recent highs.
Buy Range : CMP & 180-185
Targets : 202-215-227
Stoploss : Below 170
Rationale :
Witnessed a breakout from a downward sloping trendline post 2 weeks sideways consolidation (Black coloured line), in previous trading session with sharp surge in volumes.
Holds above 200-EMA Line on Hourly as well as on Daily charts.
Oscillator turns positive & heading upwards....
Price action has formed pennant pattern on daily chart . Breakout at 182.1-182.2 will start a new move upwards. Keep SL at 179.4 with targets 186, 190 and 194.
Scrip is at Rs 178, after becoming ex-Bonus (2:5) today.
Profit booking will accrue and it will undergo suitable and adequate correction till around Rs 150~160 or so.
At the lower level, once it stabilises, re-enter and keep in your portfolio for another sustained rise.
Fundamentally it is a debt free company with good rising turnover and profits.
We shall discuss...
1)Prime company in the its sector.
2)Clean balance sheet
A) Constant Debt reduction YoY.
B) Awesome increase in PAT-YoY.
C)Company growing >20%.
Target-240(5 months)
