High Probability - Pullback from Trendline / FIB level ------------------------------------------------------------------ Initial Buy levels : 56 - 59 Initial S/L : 53 Average more @ 62.5+ & 70+ levels
Technicals: - Price bouncing with volume near INR.55 - 58 level, which is a perfect Confluence of Trendline support and FIB 61.8 level. - similar Confluence of Volume/FIB level Setup on 2'Nov20, resulted in a big rally.
Fundamentals: - stock trading at 0.5 of its book value - EPS turned positive ( INR +6.x compared to last year's INR -9.x)) - beneficiary of Govt's new Bad Bank announcement on 16Sep21. - GNPA may reduce once NPAs are transferred to NARCL(bad bank).
Targets : - Always Trail your S/L and leave the reward to Market. (watch out when the price is INR.105+.. price movement may be faster. )
Caution : Midcap PSU stock... Prefer to allocate NOT more than 5-10% of your capital. And please consult your financial advisor to know more about the share market and the risks associated with buying / selling shares.
Why did the stoploss hit?
I had drawn the trendline wrongly, using log scale.. (lesson learnt)
Now with the linear scale,, I presume the setup is perfect..
I had drawn the trendline wrongly, using log scale.. (lesson learnt)
Now with the linear scale,, I presume the setup is perfect..
Buy levels remain same : above 56
Initial S/L - 49