We covered this stock on 10 July 13 July and 23 July Stock has closed at its life high on weekly basis which is very bullish signal and also achieved today the breakout target of 143 as we have been discussing.
Before we discuss technical lets focus on Fundamental factor which is leading the rally as we are in Bull market and lot of stock are rallying but if we have fundamentals supporting its gives confidence to go ahead and buy and hold it. Big money is made when we sit on our holdings.
Results were quiet good,Also management commentary looks very bullish as per BSE Release.
Technical helps us in gauging the price level stock can rise in coming days.
As per Elliot Wave Analysis 153 looks an achievable target,
As per below chart, we can see the symmetry of price fractals, Initial range of 21, once breakout happened did the target of 143 today. Close above 144 will be very bullish
Remember the Golden Technical Rule Ride the Trend till it bends. Stock is Listed on BSE and Ticker is GENCON.
Traders who missed the rally can take Fresh Long in Range 140-142 Target 153/162 SL should be kept at 130 on closing basis.
The above Stocks is not investment pick as I am not expert in Fundamental analysis but a short term pick for gain of 10-20% purely based on Technical Analysis based on my Studies.Please also do your own study before trading this stock and trade in small quantity also be strict with Stoploss.Bramesh Bhandari and his family/associates/ analysts would have exposure in the securities mentioned in the above article.