INDIGOPNTS trade ideas
Indigo Paints Weekly Flag BOA bu;lish Flag and Pole Pattern has been observed on daily charts in NSE:INDIGOPNTS one can look into it to create a fresh position in the scrip at cmp of 1500 or below with stop loss of 1420 and for targets of rs 1575/1650/1725/1800/1875
Exit the position if the stop loss is triggered on WCB.
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Indigo can paint your portfolio green!Indigo paints had a bumper listing during its IPO with 100% premium over issue price.
However, since its listing, it has been in a downtrend and has corrected to an attractive valuation.
The stock has already broken the downtrend and is now looking strong for a new upmove.
The targets and SL are given in the chart. One can enter at CMP if his/her outlook is of a longer horizon.
Please note that idea is shared just for educational purposes!
bearish on indigo paintsFurther continuing downtrend, The technicals of indigo paints seem weak. A down move of approximately 9.5% is expected. It recently formed head and shoulder pattern and also Fibonacci retracement levels concurs with the former statement that it is expected to fall (roughly to around Rs 1350). 1350 being a important support lets se how the stock reacts there if it breaks it, a further fall is expected.
What do you think about this? Please let me know in the comments.
Indigopaints analysis as we can see that indigo paints has corrected very much and now we can see the strong bullish momentum from 1400 level which is good support
aslo it has breaked the 50 ma and now taking support on 100 ma which is also a good sign to go up for the stock
and we see that RSI is also bullish breaked 60 level with strong bullish candle (BUllISH DIVERGENCE CAN BE SEEN ) which is also a good confirmation
1st target 1697
2nd target 1761
(do your own analysis while entering the trade)