You can occasionally get these kinds of scenario in the market, HFCL is now sitting on the perfect support level and on the bull flag. Breakout may occur soon which can lead it to around 40, stop below 22.5.
Fundamentally also it is a good stock, you can hold it for long-term also.
From last from last 1 month, we have seen a nice bull run and it broke the previous which is a nice thing. But what next???... Let's find out.
In my last post about nifty, I actually miscounted the waves(couldn't differentiate the 3rd and 5th wave) but now it is clear, at least for now.
That's the difficult part about the prediction with only chart ...
There is an opportunity of swing trade in Jain Irrigation.
Stoploss: below 79.8.
Reward/Risk Ratio : 14/6 = 2.33.
According to the Fibonacci extension, the 3rd wave should be around 1.5-1.6 times bigger than the 1st wave, which leads us to around 99-101 levels.
According to Elliot wave theory BTC should go to around 8100-8500, because 1st wave is completed around 11700, now the correction waves comes into the picture, so According to ABC correction waves and fibonacci retracement, it should go around 8200.
These are only my thoughts not a financial advice, and btw always play it your own way.