small 5% risk is good enough here, few confluences on lower & mid time frame charts
will be watching few more daily closes
anything below 390 approx is not good sign
One more Sugar Stocks along with Renuka/EID Parry(Ethanol) looking very good in almost all the timeframes
SL below 460 and the initial targets with the channel(top channel) and then revisit at that point of time.
Forming rounding bottom and needs breakout above the resistance channel. Fail to do so will bring Prices down sharply.
This can also be a bull trap. Trade with strict stop loss.
Targets mentioned in chart - SL 362
Dalmia Bharat Sugar is one of the most efficient sugar companies in India with high distillery capacity., Adopted the multiple vapour recompression‐based distillation technologies.,without need of an additional boiler.
The company is aggressive in its distillery capex plans & it is looking to leverage high demand opportunity...
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JOIN OUR TRADING COMMUNITY IF YOU WANT PEACE AND PROFIT .
I am not a call provider, not SEBI approved person. All the charts and PnL here are for educational purposes. Consult a professional financial advisor before you invest.
Here is the weekly chart of dakmia bharat sugar. The neat setup, was in great up trend, retracement perfectly to 0.5 level. Never gave close below 0.5 level of Fibonacci retracements. Weekly candle on this day is bullish, will break the horizontal trendline I presume.
DALMIASUG buy above 547. It must be sustained above 545. As there is a daily breakout in DALMIASUG, You will get enough time to enter. Don't be in a hurry. Take position after proper break out as 545 is resistance.
Target 550,555,560,570
SL 535
If it gaps up then wait for retest then take entry.
Wishing you a profitable day.
Face Resistance in area of 490 to 500 and make flag and poll type pattern.
If price break resistance and close above 500 then good buy Opportunity there.
Buy 501
Target 510, 537, 598
SL 590
Dalmia Sugar CMP - 135.55 looking bullish and can go for short term investment.
Buy @ 135 - 138 / Stop Loss - 132
Target 1 - 140
Target 2 - 145
Target 3 - 150
Note: This is just for educational purpose only.
