IndiaMart Chart form Flag Pattern after good uptrend and if it sustain above 5050 with good volume then there might be good upmove.
(Note: It is just for educational purpose and not a recommedation to buy or sell)
There were quite a few reasons for shorting Indiamart at that level :
1.Have a look at it's daily , no stock can trade in a single direction , it's shouting for a pullback .
2.Market opened gap down , a hindi quote = "Sone pe suhaga"
3.It tried going higher and failed .
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What happen's when both buyers and seller's don't want to defend their area ??
A consolidation area is formed ....
Tip of the day : Do not take entry when a stock is in consolidation phase !!!
Hey Guys,
In this Post: Technical Analysis of IndiaMart & Technical View On Nifty.
IndiaMART Intermesh: IndiaMART is India's largest online B2B marketplace, connecting buyers with suppliers. www.indiamart.com
Has no competitor in this sector.
NO Debt- No Pledging
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