STOCK TAKING SUPPORT AT 20D EMA IN THE DAILY TIME FRAME. REWARD TO RISK RATIO LOOKS GOOD AT THIS POSITION. MAINTAIN A STOP LOSS OF 572. TARGET 1-600 TARGET 2-630.
enter after rally touch 600 see the chart i draw carefully ,Do like ideas , do follow me for more ideas on other shares like Asian paints , L&T , etc.. this is just An idea .
weekly chart - broke ascending tringle pattern
back to resistance zone
again formed ascending triangle pattern
support at 532
TARGET - 655 (HEIGHT OF TRIANGLE)
SL- 575
DURATION 1-3 WEEKS
As we can see in the charts Nerolac is consolidating for the last 18months,
This guy has huge potential to shoot up.
> Entering with logic always helps.
> We will only enter when the risk is low.
> Entering with calculating the risk rather than Profit, plays a very important role.
This analysis is just for educational purposes.
Feel free to reach.
Best of luck...
After rally of Asian Paints and Berger Paints , it may be possible that Nerolac paints could show good momentum. It's PE is around 60 and sector PE is around 90.
Now let's talk about technicals :- Stock has been forming symmetrical triangle pattern and now it has given a good breakout . Stock is now retesting the resistance line. If retest is successful , we can...
