Indiamart has given good breakout and maintained strong momentum after that.
Can be added if this momentum continues after a small pull. Or can wait for retest.
IndiaMart Intermesh is an India e-commerce company that provides B2B and customer to customer sales service via its web portal. IndiaMart intermesh is an India’s largest online B2B market place, connecting buyers with supplies. CMP – 4549.60. Negatives of the company are high valuation (P.E. = 48.8) and declining annual net profit. Positive of the company are MFs...
i have drawn some lines on rsi panel, which says- RSI's support and resistance. it does not mean that only price can have support and resistance. RSI is also a relative nature with price, so it can also have such trend line parts.
there is a less probabilty of falling more down.
my analysis-
rsi could take a rest on '45-47', then move upwards, price will take...
Indiamart forming head and shoulders pattern. It is good to go long in this stock. Also can be added as a long term stock in portfolio.
CMP :- 6671
Target :- 7000+
SL :- 6500
Also it is at a crucial level(61.8% FIB LEVEL) in 1M TF, so it can go back to it's ATH from this point.
Disclaimer :- This is just my view. Please analyse charts yourself and then decide to...
(For educational purpose only, please do your own analysis before taking any position.)
-The price brokeout of a downward sloping trend line on August 30.
-This was followed by a strong price price movement of around 2000 points in the first week of September.
-In the later weeks of this month the stock is forming lower highs and higher lows ( BULLISH PENNANT ),...
Indiamart is approaching the demand zone . there could be a long opportunity for 7 to 10 percent (till the upper trend line)or more once it breaches the trend line.
