Buy TVS Shrichakra call by IIFL
Posted: Wed Mar 15, 2017 11:39 am
TVS Srichakra Ltd - BUY
CMP: Rs 3050-3080; 3 Months Target: Rs 3590; Stop Loss: 2697
“Flag breakout”
TVS Srichakra Ltd. is trading in a strong higher top higher bottom chart structure on monthly chart. Analyzing the longer time frame, on monthly chart, the stock has given a flag pattern breakout. Tracking the recent trading activity, the stock has given a strong recovery by taking support at 61.8% retracement from its previous trading range of 1946-4248 and has given a double bottom breakout on the daily chart. The stock is also continuously forming long positions with rise in delivery volumes, indicating a continuation on this uptrend up to 3590 levels, which coincides with its 50% retracement from its previous trading range of 1319 points from 4248-2929. This suggests TVS Srichakra is all set to resume its northbound journey. The stock has a potential first target of Rs 3590, translating into 17.1% returns.
CMP: Rs 3050-3080; 3 Months Target: Rs 3590; Stop Loss: 2697
“Flag breakout”
TVS Srichakra Ltd. is trading in a strong higher top higher bottom chart structure on monthly chart. Analyzing the longer time frame, on monthly chart, the stock has given a flag pattern breakout. Tracking the recent trading activity, the stock has given a strong recovery by taking support at 61.8% retracement from its previous trading range of 1946-4248 and has given a double bottom breakout on the daily chart. The stock is also continuously forming long positions with rise in delivery volumes, indicating a continuation on this uptrend up to 3590 levels, which coincides with its 50% retracement from its previous trading range of 1319 points from 4248-2929. This suggests TVS Srichakra is all set to resume its northbound journey. The stock has a potential first target of Rs 3590, translating into 17.1% returns.