Details:
Asset: Aditya Birla Fashion & Retail Ltd (ABFRL)
Breakout Level: 300
Potential Targets: 325, 360
Stop Loss: Below 290 or as per risk tolerance
Timeframe: Short to medium-term
Rationale: ABFRL has broken out of a channel and completed a successful retest around 300. This indicates a strong bullish reversal with potential for continued upward movement.
Market Analysis:
Technical Setup: Channel breakout with retest adds conviction to the bullish case.
Sector Outlook: Retail sector remains strong with rising consumer spending and expansion plans from major players like ABFRL.
Risk Management:
Suggested stop loss below 290 to manage downside risk.
Timeframe:
Short to medium-term upside towards 360, contingent on continued strength.
Risk-Reward Ratio:
Favorable setup with low risk and decent reward potential.
Watch for strong volumes above 305 to confirm next leg of the rally.
Asset: Aditya Birla Fashion & Retail Ltd (ABFRL)
Breakout Level: 300
Potential Targets: 325, 360
Stop Loss: Below 290 or as per risk tolerance
Timeframe: Short to medium-term
Rationale: ABFRL has broken out of a channel and completed a successful retest around 300. This indicates a strong bullish reversal with potential for continued upward movement.
Market Analysis:
Technical Setup: Channel breakout with retest adds conviction to the bullish case.
Sector Outlook: Retail sector remains strong with rising consumer spending and expansion plans from major players like ABFRL.
Risk Management:
Suggested stop loss below 290 to manage downside risk.
Timeframe:
Short to medium-term upside towards 360, contingent on continued strength.
Risk-Reward Ratio:
Favorable setup with low risk and decent reward potential.
Watch for strong volumes above 305 to confirm next leg of the rally.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.