A nice cup with handle pattern is in play.
It is best to buy at the bottom of the handle to minimize the drawdown and maximize the reward to risk ratio.
The broader view shows, the price is moving in an ascending channel pattern.
Currently price is ranging near 600 which is also at 200 days MA & bottom line of ascending channel.
Strong bullish divergences observed across multiple indicators.
Fundamentally company has reduced debt aggressively, price is below intrinsic value & it's Graham Number is 899.
Capacity expansion along with Repo rate cuts will immensely help boost it's overall profitability.
Ethanol blending program will give tail winds.
DIIs have increased their stake whereas FIIs have increased aggressively since last 3 quarters.
Best to buy at CMP with a target of 1315 (115% ROI in medium term) with stop loss below 555.
A good 12.43 R:R trade opportunity.
Do your own due diligence before taking any action.
Peace!!
It is best to buy at the bottom of the handle to minimize the drawdown and maximize the reward to risk ratio.
The broader view shows, the price is moving in an ascending channel pattern.
Currently price is ranging near 600 which is also at 200 days MA & bottom line of ascending channel.
Strong bullish divergences observed across multiple indicators.
Fundamentally company has reduced debt aggressively, price is below intrinsic value & it's Graham Number is 899.
Capacity expansion along with Repo rate cuts will immensely help boost it's overall profitability.
Ethanol blending program will give tail winds.
DIIs have increased their stake whereas FIIs have increased aggressively since last 3 quarters.
Best to buy at CMP with a target of 1315 (115% ROI in medium term) with stop loss below 555.
A good 12.43 R:R trade opportunity.
Do your own due diligence before taking any action.
Peace!!