The stock was in corrective mode while all other pharma names were making new highs. It gave good Q1 results. 2 new plants are getting operational soon which should provide operational leverage. Very positive for long term. In terms of technicals, it gave strong BO from its falling trend channel and is now making higher highs. With the RSI also trending higher,...
NIFTY is currently in minor wave ii of 5 and may retrace 200 points more to complete 32% retracement from its wave i high. Need to see how it pans out in coming 1-2 days. Please also note RSI is showing negative divergence on weekly chart which is indicating we are near the top. Just waiting for the euphoria to kick in before the next big correction.
Gave strong BO from its trend channel lines and now taking support at 32% retracement of wave 3 high. Currently, in minor wave ii of 5. Rising gold prices will provide more fuel to its rally. No divergences.
Looking for target of 172 and more.
Breakout at 86.35 on good volumes, which is also the Fibonacci support. Wave 1 took it 108-109 level then retraced to complete wave 2 at 75. Now seems to be in minor wave iii of 3 which can take it to 132 and beyond. RSI also trending up and above its trendline support. Keep SL at 86.
SHK gave strong breakout after completing wave 4 triangle. It retested the breakout today on lower volumes. RSI is also taking support at the trendline. Once it gives closing above 94, it can zoom all the way to 122 in the coming days. Recent Q2 business update by the company is also good and projects a stable outlook with very low CAPEX.