DMART has given reversal. Fundamentals are strong with increasing revenue and profits QoQ. Stock wasnt impacted during COVID and is expanding its stores.
Technically, it is closer to a strong support. Should reverse.
Stock in downtrend
Indicate Bearish
Technical week structure
Wait for long position
Disclaimer
My personal view for education purpose only
No recommendation buy - sell.
Recent break-out in the D-MART indicates that the new buyers are active for big move. It has broken a long time downward trendline with huge volume.
It may go for lifetime high of 5900+ in coming year.
In my opinion, I have marked lower support in the script, after that it performed well. As disclosed freshly in the chart drawing, the script is lifting its support zone now.
Worth watching it for study purpose.
This stock has fallen from its high of 5900 & now trading at low 3500 which is a fall of 50+ from its peak. Consolidation has been observed for last few day on different Time Frames. Interesting to see whether it will be able to break shackles to move up or falls further to new low.
Check your own chart, this is only for educational purpose & Not a buy recommendation.
With reference to the attached chart, you can easily identify that DMART is at a resistance level and close below that line yesterday. Now it looks like DMART will again tank towards Rs 3300 level for Support level testing. You can also take advantage of it with the following levels:
Entry Below: Rs 3580
Target: Rs 3350
StopLoss: Rs 3670
Note: Please consult...
DMART is looking good for intraday as well as for swing trade with a holding period of max 1 week
for intraday buy above 3445-48, SL - 3420 , TG1 - 3474, TG2 - 3507, TG3 - 3535
and for SWING trade buy above 3445 and can see levels of 3632 with sl of 3415
It is appearing to be a support formation in this script with a possible long target as shown in the chart drawing.
Will be interesting to watch the script from, learning point of view.
Dmart now at W/M channel make or Break Zone
Till next week if dmart not able to make again upside than long times we can see lower low level.
What's your opinion?
NSE: DMART is closing with a bullish swing reversal candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 8% to 12% gain on...
