A 5-wave impulsive rise was spotted in SBIN beginning on 26Oct and ending on 16Nov.The stock moved 8% during this impulse. The correction that began on 16 Nov was quite steep and swift forcing the stock to give up on 70% of the gains it made during 'wave i' phase. Now, however after having completed the correction the stock is set to move up again in 'wave iii' phase. The projected length of this wave suggests that the stock could soon be at the INR 600 mark. As of now the low of 555 is being considered as important reversal point and being considered for 'SL'.
Note*- The views expressed here are absolutely based on personal opinions &observations. Please do your own research before making any trading/investing decisions.
Neeraj, good morning. Can you enlighten with your vision on IOC ltd for longer term. 2-4years. I have my purchase at 92. It has rallied good in last 15days. Happy with the dividends. Thank you Regards Dr Brijesh Trivedi
neeraj_2_sharma
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@bp3vedi, Its at a very good value speaking fundamentally but technically the rally might be a bit overstretched at the moment and therefore you could expect some temporary pause/pullback, but like i said in terms of profitability, stability and valuations the stock is at a great place. You can hold it for 3-4 years if that's the plan. It can give great returns in that time span.
bp3vedi
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@neeraj_2_sharma, thank you neeraj for your encouraging words. I have no plans for trading sort of. Kharida hey, peacefully sit is my motive. Thank you very much