this sector has been benefiting from the weakening of rupee/dollar
possible double bottom formed
chikou showing upside movement
found support at weekly support levels of 150
target 1 : 167 levels flat senkou B
target 2 : 38.2% fib levels
Buy Entry 200 - 205
Stop loss 168
Minimum Price Target 248
Risk to Reward 1 : 1.50
24% Up Side potential.
The Recent move is supported by Higher Volumes. (Trading volume can help an investor identify momentum in a stock and confirm a trend. If trading volume increases, prices generally move in the same direction.)
Stock has seen an enormous upmove in last six months.
Looking at the rising heat in metal sector, this stock is most suitable candidate for sharp move.
Stock touching triple bottom on hourly charts.
One may go long at CMP 285 with SL of 275 keeping a target of 320