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GrasimInd '99GrasimInd '99GrasimInd '99

GrasimInd '99

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GRA99 trade ideas

GRASIM CASe studyGrasim spot cmp 1750 levels cup and handle pattern formation, where breakout can be confirmed above levels of 1835 , need 2 consecutive daily close above levels for confirmation symmetrical triangle pattern formation, where counter have resistance zone around 1790-1825 levels and support zone around 1690-1720 levels. decisive breakout on any side would lead to a move of 8-10% on either side. pre assumption of harmonic pattern formation. if the formation goes according to ploting, counter would give sharp retracement to levels of 1450-1500 levels, elliot wave suggest counter is trading in 5th wave of motive phase, now as there are cofluence of resistance around 1790-1830 levels wave 5 can be trucated in nature and soon the motive phase might come to end, now if happens so motive phase would lead counter to good retracement levels,, time to book you long position on every rally, now investment should be considered only above levels of 1835 on 2 consecutive close, Bulls need to be cautious at current juncture.
NSE:GRASIM
by RUDRA007
Grasim - Cup and Handle formationGrasim is forming a cup and handle pattern on the daily charts and once it breaks the 1830 levels (which is a main pivot level as it forms the ends of the cup), a significant up move can be expected. Given that the RSI is also crossing 60, breaching of the 1830 levels can be expected in the next 1-2 days. Following the breach, the first major resistance will be at the 1890-1900 level, which is close to the all time high and also matches the 0.5 level of trend based fib extension. Hence this can be considered the 1st target and 0.786 and 1 levels considered T2 and T3 respectively
NSE:GRASIMLong
by CharanVelu
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