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STERLITE TECHNOLOGIES LTDSTERLITE TECHNOLOGIES LTDSTERLITE TECHNOLOGIES LTD

STERLITE TECHNOLOGIES LTD

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STLTECH trade ideas

Sterlite - Double bottom formation - Best Above 145Sterlite Tech - have bounced the base and formed a double bottom formation. FII's /DII's have raised their stakes while Promoters have reduced. There is a Double bottom neckline breakout at 140. One can take safe bet above 145 and average upwards. Targets 175/240/316 and above that Open Sky. Strict stop loss of 125. Disclaimer : Educational Content. Please do your own research. My earlier views on this chart. I see mostly promoters selling their stakes to FII/DII's as the only change.
NSE:STLTECH
by jain_geetesh
Sterlite Tech- Is it Going for Another Top..In technical analysis, we examine historical data of an instrument to anticipate its future course of action. We all would agree that Price and volume are the primary and perhaps the purest form of data in technical analysis and that’s why some traders, including me, are always more inclined towards them. In this idea, I would like to share some of my observations on Sterlite Tech. which just caught my attention due to the following reasons. 2018 TOP On the left side of the chart, we had a strong uptrend followed by a top formation. Calling it a double top won’t be a misnomer. Almost a yearlong formation and then a sharp breakdown. 2021 TOP The stock bottoms out in 2020 with an Inverted Head and Shoulders pattern and reverses up back into 2018 top. The stock spends almost 6months in this zone (300) and forms another top here in 2021. BREAKDOWN FAILURE On the right-hand side, we can see a huge consolidation (into the inverted H&S of 2020) from July2022 to Feb2024 and then a breakdown of support (128). But this breakdown could not hold, and the stock is now back above 128, indicating a breakdown failure. ANOTHER TOP Generally, we see a sharp rally after a breakdown failure. If that happens, the stock may rally for 2021 top (260 or so). As per timeline, the previous tops were formed in 2018 and 2021. We may expect another one with a 3years gap, that is by the end of 2024. However, we should never lower our guard and approach cautiously if the stock fails to sustain above 125 again. That would require another take on the stock. I hope you found this analysis useful. Do press 🚀 and comment for more such analysis in future.
Editors' picks
NSE:STLTECHLong
by Bravetotrade
2
BUY TODAY SELL TOMORROW for 5%DON’T HAVE TIME TO MANAGE YOUR TRADES? - Take BTST trades at 3:25 pm every day - Try to exit by taking 4-7% profit of each trade - SL can also be maintained as closing below the low of the breakout candle Now, why do I prefer BTST over swing trades? The primary reason is that I have observed that 90% of the stocks give most of the movement in just 1-2 days and the rest of the time they either consolidate or fall. INSIDE BAR Breakout in STLTECH BUY TODAY SELL TOMORROW for 5%
NSE:STLTECH
by Kapil-Mittal
5
Sterlite Technologies Analysis- Strong Trend Breakout: Sterlite Technologies has experienced a very strong breakout after a 5-month consolidation period. This breakout suggests a potential shift in the stock's trend towards the upside. - High Volume Confirmation: The breakout is supported by very high trading volume, indicating strong buying interest and validating the breakout. - Strong Candle Closing: The stock has closed strongly above the trendline and the 50-day Exponential Moving Average (EMA). This is a bullish signal, suggesting that the stock may continue to move higher. - Technical Outlook: - Breakout Confirmation: The breakout from a long consolidation period is a strong signal of a potential uptrend. - Volume Analysis: The high trading volume accompanying the breakout confirms the strength of the move and suggests that there may be further upside potential. - EMA Support: Closing above the 50-day EMA is a positive sign, indicating that the stock is gaining strength and may continue to rise. ### Conclusion: Sterlite Technologies has experienced a very strong breakout after a 5-month consolidation period, with high volume confirming the move. The strong candle closing above the trendline and the 50-day EMA further supports the bullish outlook for the stock. Traders and investors should monitor the stock's price action for further confirmation of the uptrend and consider potential entry points based on their trading strategies.
Editors' picks
NSE:STLTECHLong
by Marketik
3
Sterlite Technologies LtdIts near its 52 Week low. Dividend giving stock. Promoter Holding is good & No promoter Pledged. Debt is increasing. Demand Zone are marked as green shaded horizontal area. Support is marked as green horizontal lines. Resistances are marked as red horizontal lines. Stoploss is marked as orange horizontal line. Bottoms are marked with yellow circles which makes Demand Zone & Support Stronger. Price is below 200 EMA on weekly chart. Its Book value & Graham number is near 50. Levels:- Buy 75 - 100 - 115 Stoploss 50 Tgt 175 - 240 - 305 - 400 This idea is for Educational purpose and paper trading only. Please consult your financial advisor before investing or making any position. Facts or Data given above may be slightly incorrect. We are not SEBI registered.
NSE:STLTECHLong
by MasterTrader1949X
1