Breakout from the Flag Pattern on Weekly Chart. The stock is attractive even at CMP but given the market scenario awaiting a Breakout from the Inverted Head and Shoulders Pattern would be ideal.
Trade active
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Missed the 3rd target of 290 marginally. Booked partial 50% at 285 and holding the rest with trailing stop loss
Good reading..Feels like this is in overbought zone.. or nearing that.. also historically after huge buying, this stock has corrected a lot..Not sure if we shud enter at this.. i would rather sell any existing old position. whats your view.
CuriousChartist
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@shrikantmundra, Yes, your are right- it is in the over bought zone on the daily chart and we could see some minor correction this week or fortnight but acc to me what you call huge buying is minuscule in comparison to the long accumulation since 2017. To me the journey of the stock has just started for a medium/long term.
shrikantmundra
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@CautiousChartist, Awesome.. study bro... it just took few days.. Great reading.
ananthmech114
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bro how to find these type of stocks
CuriousChartist
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@ananthmech114, Just see the chart and spot & draw the pattern . Comes with experience after watching so many charts.
ananthmech114
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@CautiousChartist, Ok Bro, Your are posting so many charts. But, those scripts are moves more than 10%. How is this
CuriousChartist
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@ananthmech114, Well, I'm still a learner but if my charts are moving really well then it is because I can interpret the patterns and price action better. Indicators don't help much, Price action does. Its the same game but Kohli, Tendulkar, Federer, Nadal, Tiger Woods, Micheal Jordan read the game better. Even you will be able to do it after you dedicate yourself to learning the game.
FAHEEMSAM
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DO YOU LOOK AT ALL NIFTY 500 STOCKS OR DO YOU HAVE A CERTAIN CONDITIONS WHILE PICKING STOCKS? WHEN I PICK STOCK, MOMENTUM IS SO SLOW, THAT MEANS, DUE TO HUGE VOLUME, STOCKS LIKE MARUTI ONLY MOVES LITTLE WHEN COMPARED IN TERMS OF PERCENTAGE. SO HOW DO SELECT STOCKS FROM NIFTY500, DO YOU RANDOMLY LOOK??
CuriousChartist
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@FAHEEMSAM, Not all Nify 500 stocks. I look for momentum stocks which even you would get from sites like moneycontrol. Narrowing down with quality comes from experience.