In the Weekly Chart of PRAJIND ,
we can see that, it has given a strong comeback.
also it has been retested.
enter on breaking its high with low as SL.
Some Phases of market ,
1. Accumulation Phase
2. Mark-UP Phase
3. Distribution Phase
4. Mark Down Phase
So as per me it Looks in Distribution Phase.
Rest you know the best.
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I will wait for downside level of 355 on NSE:PRAJIND which will complete 60% Fibonacci retracement. My idea is to take entry at the level of 355 with stop loss of 335 (-20 Points). Can hold till up side targets of 368, 378 & 395. This could be low risk and high reward idea.
Note: This is my personal analysis, only for learning. Thanks.
It will be best only to take entry on NSE:PRAJIND is, when price test the level of 375. Then wait for upside with stop loss of 365 (-10 Points).
My expected upside target would be 383 & 395.
Note: This is my personal analysis, only for learning. Thanks.
- After a long break PRAJIND started showing new momentum
- This stock can't be ignored if you want to bet on the ethanol blend story of INDIA
- Technical aspect - Stock didn't break even nearest swing low's in this correction
- One can initiate a buy now with a deep stop loss of 300-318 range, if corrects a bit can add there too.
*Educational view*
Praj Industries Long
Currently forming higher high and higher low CMP 200
SL - 380 on a closing basis
Could blast above if sustains above 449
Personally initiated trade at 420 for short term to midterm
Target 520 after a successful breakout
