Technical analysis-
1. Stock is making higher high and higher top formation for the first time after a continuous downfall since 2018.
2. Stock is forming a series of rounding bottom patterns supported by volume action.
3. Stock is bullish and any dip is a buying opportunity.
4. Technically all is well above bottom of last 3 rounding bottoms, which is 120.
Trade...
NSE:MUNJALSHOW is under going consolidation and hence hold on to it if you have it in portfolio. The reversal shall occur around range of Rs115-130. Have patience with this Long term EV beneficiary.
This post is an update to previous idea on Munjal Showa.
NSE:MUNJALSHOW is ripe and ready to blast off in a very short term basis.
Minimum Target Rs300.
Very Bullish momentum to be seen in few weeks starting this one.
Buy 99 ore 100
First target 114
second target 120
Still wait for better conformation after closing above 107 closing price there is buying mode is starts.
(A) Monthly Gapdown resistence 267-55 - 264.05
(B) Top is confirmed until momentum returns
(C) Low of B is not breached, cancels B
(D) Pinbar is neither bullish or bearish
(E) Current month candle must be a BH>50%CH candle
with H> 243.95 (Pin Bar High) and C> 235.35
(A) Monthly Gapdown resistence 267-55 - 264.05
(B) Top is confirmed until momentum returns
(C) Low of B is not breached, cancels B
(D) Pinbar is neither bullish or bearish
(E) Current month candle must be a BH>50%CH candle
with H> 243.95 (Pin Bar High) and C> 235.35
The stock has given a clean Cup and Handle Break out on good volumes and is set to gain strength further. A trailing SL of 221 can be maintained on the stock going ahead
Munjal Showa Ltd. engages in the manufacture and sale of auto components. Its products include front forks, shock absorbers, struts, gas springs, and window balancer for two wheeler and four wheeler vehicles. The firm provides manufacturing and testing facilities. The company was founded in 1985 and is headquartered in Gurugram, India.
NSE
