Radico will soon reach the resistance level of 435. Swing Target should be of 433.
However, at resistance, I can see a bullish pattern which may further move the stock up. Trailing Stop Loss will work.
STRONG BULLISH VIEW
1. INR 50,000 crore fund raise via debt securities
2. Bank Deposits have risen 25% from a year ago
1. Ascending triangle (highlighted on chart) giving strong support
2. Evening Star (Bear Pattern) has formed at support clearly indicates the bearish pattern will fail, backed by bullish sentiments and news.
Today in the last hour of the market, Bajaj Auto had a breakout to fill the day's gap down opening.
Reason for the breakout was the entire day's bullish consolidation.
My bullish view is further continued in the stock.
The stock performed really well today. Despite a negative news of COVID cases in its largest manufacturing unit, it could still hold its uptrend...
I had a continued bullish view in swing. The analysis was further supported by the formation of morning star pattern in the last three days of the week (shown on chart).
But the recent news of the death of workers due to COVID may blow the uptrend movement for a while.
The uptrend resistance of 2900+ level (see chart) may come to play!
Better to wait.