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CHEMPLAST SANMAR LTDCHEMPLAST SANMAR LTDCHEMPLAST SANMAR LTD

CHEMPLAST SANMAR LTD

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Chemplast Sanmar Ltd (CHEMPLAST) Surges: Breaking Key ResistanceAnalysis Report: Chemplast Sanmar Ltd (CHEMPLAST) Analysis - June 15, 2024 Chemplast Sanmar Ltd (NSE: CHEMPLAST) has demonstrated a significant upward movement, closing at ₹621.50, up by 11.81% in the latest trading session. The stock opened at ₹562.75 and reached a high of ₹633.70 before settling at ₹621.50. This bullish momentum is supported by a notable volume of 6.606 million, indicating strong investor interest. Key Technical Levels Support Levels: 412.25 INR: This level has served as a strong support, holding the price during multiple downtrends since late 2021. 520.45 INR: Previously a resistance, now turned support, this level will be crucial in sustaining the current bullish momentum. Resistance Levels: 550 INR: A minor resistance that was breached in the recent surge. 650 INR: The next potential resistance level, observed during the highs of early 2022. Market Sentiment The market sentiment appears highly bullish, driven by the recent breakout and strong volume. The sustained upward movement past the 520.45 INR resistance level suggests a potential trend reversal from the consolidation phase witnessed throughout 2023 and early 2024. Trading Strategy Bullish Scenario: If the stock sustains above 550 INR, it may continue to test the next resistance at 650 INR. Traders might consider buying on dips towards the new support level of 520.45 INR with a target of 650 INR. Bearish Scenario: If the stock fails to hold above the 520.45 INR support, it could retest lower support levels at 412.25 INR. Conclusion Chemplast Sanmar Ltd is showing strong bullish momentum with the recent breakout past key resistance levels. Traders should watch the volume and price action closely to confirm the sustainability of this upward movement. As always, manage risk appropriately and consider market conditions. Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research or consult with a financial advisor before making investment decisions.
NSE:CHEMPLASTSLong
by TRADING-NASA
Amazing breakout on Weekly / Daily Timeframe - CHEMPLASTSCheckout an amazing breakout happened in the stock in Weekly timeframe, macroscopically seen in Daily timeframe. Having a great favour that the stock might be bullish expecting a staggering returns of minimum 25% TGT. IMPORTANT BREAKOUT LEVELS ARE ALWAYS RESPECTED! NOTE for learners: Place the breakout levels as per the chart shared and track it yourself to get amazed!! #No complicated chart patterns #No big big indicators #No Excel sheet or number magics TRADE IDEA: WAIT FOR THE STOCK TO BREAKOUT IN LOWER TIMEFRAME AND RETRACE IF NEEDED. SL IS NEARER SUPPORT ZONE IN Daily TIMEFRAME. PS: No new Nifty500 script can escape from me when making a breakout. :-)
NSE:CHEMPLASTSLong
by Yoyohoneysingh93
FOR LEARNING PURPOSE ONLYTechnical Analysis: Chemplast Sanmar - Falling Wedge Pattern Breakout Overview: Chemplast Sanmar (NSE: CHEMPLAST) is displaying a compelling technical setup with a Falling Wedge pattern breakout. The stock has established itself above a strong supply zone at 490, suggesting a bullish bias. With a favorable Risk-Reward (R:R) profile, it is poised for an upward trajectory. Chart Analysis: Chemplast Sanmar has successfully breached the Falling Wedge pattern, indicating a potential trend reversal. Notably, the stock is trading above both the critical 200-day Exponential Moving Average (EMA) and the 50-day EMA. This positive technical stance is further reinforced by substantial trading volumes, reflecting robust investor interest. Institutional Interest: The company boasts noteworthy holdings from both Domestic Institutional Investors (DII) and Foreign Institutional Investors (FII). This institutional support underscores the promising fundamentals and growth prospects of Chemplast Sanmar. Conclusion: Chemplast Sanmar presents an enticing opportunity for traders. The Falling Wedge pattern breakout, combined with the stock's position above the 200 EMA and 50 EMA, suggests a bullish outlook. With strong technical and fundamental factors aligning, it is worth considering for a potential trade. Always exercise sound risk management strategies to safeguard your investments. Disclaimer: This analysis is intended for informational purposes only and should not be construed as financial advice. It is crucial to conduct thorough research and consult with a qualified financial advisor before making any investment decisions. Thank you for your attention.
NSE:CHEMPLASTSLong
by Bhalotiya
CHEMPLASTSCHEMPLASTS :-Stock has given strong breakout, if comes for retesting, you guys can plan something Hello traders, As always, simple and neat charts so everyone can understand and not make it too complicated. rest details mentioned in the chart. will be posting more such ideas like this. Until that, like share and follow :) check my other ideas to get to know about all the successful trades based on price action. Thanks, Ajay. keep learning and keep earning.
NSE:CHEMPLASTSLong
by AjayDhakad_Keep_it_simple