Resistance Breakout with Inverse Head & Shoulder FormationAvenue Supermarts (Dmart) is involved in the business activities of Retail trade, except of motor vehicles and motorcycles.
The Stock has formed an inverse Head & Shoulder on Charts and is ready to breakout. The Stock is technically placed below 50 DMA and around 100 DMA.
The Company is fundamentally very sound. The company is debt free and has a strong balance sheet enabling it to report stable earnings growth across business cycles. An annual revenue growth of 24% is outstanding & ROE of 11% is good. Mutual Funds and FPI together hold around 16% stake in the Company indicating good investor interest in the company. The Company has posted good results yesterday beating the estimates made by several Research Institutions.
Watch out for breakout and close above 2960 with good volume.
Can accumulate thereafter for targets of 3200-3300 with SL at 2820. Long Term Target 3600-3800
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