The largest insurer in India showed a massive volume and price gain on Friday's trading session bringing itself into some spot light.
The stock was in a corrective triple three structure from the start of Sep. until Nov 13 when it completed the correction with a truncated 'wave 'z''.
In a matter of only 7 trading days after having completed the correction, the stock is up 12% from bottom 'z'.
While Friday's move might make it look like the stock has over-shot a bit but in totality of things the 'wave 3' is not even half-way from its target. INR 780-790 zone is the projected wave 3 target.
It makes sense to accumulate this stock between INR 655-685 levels before it jumps above the INR 700 mark.
CMP 677
Support zone 655-660
Target 780
Note*- Please do thorough analysis of any financial instrument before you trade/invest in it. The views expressed here are my personal opinions and not an advice to buy/sell.
The stock was in a corrective triple three structure from the start of Sep. until Nov 13 when it completed the correction with a truncated 'wave 'z''.
In a matter of only 7 trading days after having completed the correction, the stock is up 12% from bottom 'z'.
While Friday's move might make it look like the stock has over-shot a bit but in totality of things the 'wave 3' is not even half-way from its target. INR 780-790 zone is the projected wave 3 target.
It makes sense to accumulate this stock between INR 655-685 levels before it jumps above the INR 700 mark.
CMP 677
Support zone 655-660
Target 780
Note*- Please do thorough analysis of any financial instrument before you trade/invest in it. The views expressed here are my personal opinions and not an advice to buy/sell.
Trade closed: target reached