A small cap company with better fundamentals than its peers.
Expecting a potential double bottom with bullish divergence in RSI, trendline support and golden FIB zone to act as strong reversal zone.
Good to accumulate around 230-245 levels for the following targets:
Short term swing target @ 343 (43% ROI with 2.94 R:R)
Medium term swing target @ 465 (93.75%...
orient electric is in its 5th wave!!
one can take swing trades from 248.
targert 1- 300
target 2- 320
one can go on look at higher time frames, to analze my targets. but yes, the bull will start soon after completing its 5th wave.
Sector: Home Electronics & Appliances
Company: Small cap
Risk: Moderate risk
Orient Electric is focused on providing lifestyle electrical solutions which include fans, lighting, home appliances and switchgears.
Orient Electric reported revenue growth of 37% YoY/41% QoQ to INR 594 cr.
View chart for entry levels and maintain your own stop loss.
Analysis: Buy...
Orient Electric has been in strong buy zone. Even in week markets the stock seems to be strong.
The target of 386 is achievable in short term of 3 months which is 12% up from current levels of 344.
You can keep liberal stop loss of 315 on weekly closing basis.
**ideas are my own**Invest as per your risk taking ability**
Cup and handle formation in daily time frame
Expecting a good upmove above the marked resistance level on a closing basis
Target level marked
**Educational View only
DATE: 11 MAY 2021
INSTRUMENT: ORIENT ELECTRIC
TREND: BUY
TIME FRAME: DAY
CMP: 288.85
BUY ABOVE: 295
STOP LOSS: 277
TGT 01: 303
TGT 02: 317
DISCLAIMER:
We are not S E B I registered analysts. Please consult your personal financial advisor before investing. We are not responsible for your profits/losses whatsoever.
Orient electronics is trading at 284 and is in consolidation, if it crosses and holds above 285 there can be a short term breakout in near term. Target to achieve is 355
Education Purpose
