DIXON trade ideas
Dixon Tech - at all time high - Buy#Dixon Tech
Look at 15 min chart. There is buying in last 1 hour of 1.1 Lakhs share. If you refer the delivery for the day it is 1.15 Lakhs shares. Highest delivery in this quarter at all time high. to purchase 1.1 lakhs share amount required is Rs. 52.8 cr. This means all the longs in last hours are made by Institutions. It seems retailers again sold at ATH on yesterday.
There are continues buying by Institutions since Aug-19 (go through 15 min chart). Retails shareholding decreased by 2 lakh shares (2.5%) as on 31st Mar-20.
There is Quarterly result in coming week. If you refer earlier results there were buying by institutions on previous 2-3 days before results.
Note - All the products of company are retail consumer based (like, LED, Mobile, etc), therefore there will be impact in current quarter's performance due to COVID. Also there is buying from Rs. 3,000 (24th March) to Rs. 4950 (29th May 2020), there could be sharp volatility on result day. Keep partially booking profit based on your target & risk.
Trade on your own risk.
