The stock looking to move towards the INR 4000-4150 zone in wave "III" structure.
The stock was previously in a Wave "I" structure between Oct end till Dec end.
The correction to the wave I in the form of wave II was a mere 23.8% retracement of the first wave and lasted for a mere 3 days. This a reflection of strength in the stock. The stock is also the 5Th best performing stock in the Nifty 50 index in the Year 2023,and the same strength can be again witnesses in these shallow retracements.
Wave i of III has already been spotted on the stock and now it looks to complete the rest of the Wave III towards the INR 4150 mark.
On the downside INR 3400 is a crucial area and should be considered as "sl" for all sorts of longs initiated on the stock from here on.
The stock was previously in a Wave "I" structure between Oct end till Dec end.
The correction to the wave I in the form of wave II was a mere 23.8% retracement of the first wave and lasted for a mere 3 days. This a reflection of strength in the stock. The stock is also the 5Th best performing stock in the Nifty 50 index in the Year 2023,and the same strength can be again witnesses in these shallow retracements.
Wave i of III has already been spotted on the stock and now it looks to complete the rest of the Wave III towards the INR 4150 mark.
On the downside INR 3400 is a crucial area and should be considered as "sl" for all sorts of longs initiated on the stock from here on.