The chart is pretty self-explanatory as always. But as usual, Below are some good-to-know pointers.
- The price has been stuck in a range for about a year now - The support zone is holding up. But for how long, we do not know. - The best case scenario will be the break of the support inviting sellers followed by filling of the long due gap and a recovery. Again, this is a scenario, not a prediction. - If the support holds, We will see a good up move only when the crucial resistance zone is broken and the price sustains above it. - Weekly Moving averages have negativity written all over them. The 50EMA has crossed 100EMA. The price is trading close to 200EMA after taking support from it.
What do you make of this price action?
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Getting Closer to the best case scenario:
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Price bounced from the gap zone. Although, The gap is just partially filled. We would have liked a bounce only after the gap-filling. But all well...
i am holding 150 shares and entry point is 692, should i hold or sell 40k negative already. or should i buy on dip. kindly help
TheChartereds
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@Ranjitha_Anbazhagan, Thanks for asking. We are not registered advisors so we cannot advise you. As mentioned in the analysis: The price is at a crucial level. The best case scenario will be the break of the support inviting sellers followed by filling of the long due gap and a recovery. We are buying accordingly. Given the market drawdown, we are working with a SL. This outlook is from a swing trade perspective. These are just personal opinions and not advice.
@Ranjitha_Anbazhagan, You are very welcome. You may consider following us as a way of saying Thank you. We will keep updating the price action as it unfolds :)
Ranjitha_Anbazhagan
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done
riyantcaz
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@Ranjitha_Anbazhagan best time to buy , Because we are on Major support , You Know goverment also buy 5% stake and as well as FII & DII holding also increased because it's very strong Fundamental company.....
Apply Simple Investment rule ... When 20% + crash , but strong Fundamental share and sell on previous All time high
Warren Buffett rule apply here - Invest when everyone is fear and sell when everyone is greedy
Ranjitha_Anbazhagan
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@riyantcaz thank u 😊 unfortunately i missed your reply and was away from market because of personal reasons. is it good to invest still more now?
Also if any one has idea on the IVC, please suggest if that is good stock to buy and hold for long at this price range