Description
⋅ A clear downtrend though profits increased 48% YOY and company declares Rs. 38/- dividend.
Today's big volume spike shows retail traders jumped in because of positive news, sadly they got trapped.
Its better to stay away from this now.
Still bearish continuation is shown by strong bearish divergence in RSI.
Accumulation zone is around 4600-4800 levels.
Short term swing opportunity with a target of 7000 (49% ROI)
Medium term swing with a target of 8250 (75% ROI)
Stop loss not required because of strong fundamentals.
Those who are looking for long term positional trade can also buy at the accumulation zone mentioned.
Do your own due diligence before placing any trades.
Peace!!