The stock can be seen moving up in an Elliot wave structure from Oct end bottom.
Wave I completed in Oct-Nov followed by a 38% retracement and then Wave III completed in Nov-Dec followed by a deeper 50% retracement.
Now the Wave V has begun in the stock from Dec 21.This particular wave also can be seen sub-dividing into minor waves like the previous 2 impulsive waves. Currently we at the wave ii of Wave V and waves iii, iv and v of V are yet to unfold.
The projected final target for Wave V is projected to be around INR5100-5150.
On the downside the low of 4529 is crucial and should be considered as an important swing low for all buys.
Note*- Views are based on personal opinions/observations. Please do your own research/analysis before making any trading/investing decisions.
Wave I completed in Oct-Nov followed by a 38% retracement and then Wave III completed in Nov-Dec followed by a deeper 50% retracement.
Now the Wave V has begun in the stock from Dec 21.This particular wave also can be seen sub-dividing into minor waves like the previous 2 impulsive waves. Currently we at the wave ii of Wave V and waves iii, iv and v of V are yet to unfold.
The projected final target for Wave V is projected to be around INR5100-5150.
On the downside the low of 4529 is crucial and should be considered as an important swing low for all buys.
Note*- Views are based on personal opinions/observations. Please do your own research/analysis before making any trading/investing decisions.