Hi,
Greetings of the day!
One of the looked up sector to invest in Indian market is the real estate sector. One of the leaders in this segment under small cap universe is Sunteck realty ltd. Real estate sector is on revival after almost 10-15 years in India.
Technically, the chart has formed double bottom on daily chart and is consolidating near breakout region . This can be considered a bit early entry because the volumes say everything on charts. The script also shows formation of inverse head and shoulders after decent correction from 590 levels
based on Fibonacci levels the script can show levels of 450 560 first.
Based on the height of the head, levels of 550 can be visible
The risk reward is favourable where stop loss can be anywhere below 340 levels on weekly closing basis.
Note: the chart shared here is having logarithmic scale.
***As we have strict guidelines, the shared idea is just for learning on how to read & analyse charts and not recommendations of any sorts. Take it with pinch of salt :) ***
***If you like my analysis , then do follow me for more updates and like it so others can also benefit from this :) ****
Happy trading !
Greetings of the day!
One of the looked up sector to invest in Indian market is the real estate sector. One of the leaders in this segment under small cap universe is Sunteck realty ltd. Real estate sector is on revival after almost 10-15 years in India.
Technically, the chart has formed double bottom on daily chart and is consolidating near breakout region . This can be considered a bit early entry because the volumes say everything on charts. The script also shows formation of inverse head and shoulders after decent correction from 590 levels
based on Fibonacci levels the script can show levels of 450 560 first.
Based on the height of the head, levels of 550 can be visible
The risk reward is favourable where stop loss can be anywhere below 340 levels on weekly closing basis.
Note: the chart shared here is having logarithmic scale.
***As we have strict guidelines, the shared idea is just for learning on how to read & analyse charts and not recommendations of any sorts. Take it with pinch of salt :) ***
***If you like my analysis , then do follow me for more updates and like it so others can also benefit from this :) ****
Happy trading !