While looking at a weekly timeframe we can see that this stock had a great bounce from its previous support which marked in dotted lines and volumes are also massive around it - showing its strength.
Turnaround is seen in the chart on weekly and the Price to Sales ratio looks attractive to me.
Weekly TF - https://www. tradingview.com/x/0OnIVksl/
Also, the dotted line marked can also be said as Polarity Point - a point where once a Resistance (Support) level is breached, it changes its nature and becomes Support (Resistance)
.
Now, coming to daily timeframe - we can see that it took a trendline support from below (Dec 2021) which almost coincides with the polarity point, showing a good support.
There's a short term resistance at 107 levels marked with horizontal line, so one has to be cautious before entering.
.
Entry Points - Current Market Price i.e. ₹106.75, and ₹99.00
Risk Free entry - After ₹114 (marked with Blue Dotted lines)
Stoploss - Below ₹88
.
Fundamentally the stock also looks good, so you can go for long term.
Turnaround is seen in the chart on weekly and the Price to Sales ratio looks attractive to me.
Weekly TF - https://www. tradingview.com/x/0OnIVksl/
Also, the dotted line marked can also be said as Polarity Point - a point where once a Resistance (Support) level is breached, it changes its nature and becomes Support (Resistance)
.
Now, coming to daily timeframe - we can see that it took a trendline support from below (Dec 2021) which almost coincides with the polarity point, showing a good support.
There's a short term resistance at 107 levels marked with horizontal line, so one has to be cautious before entering.
.
Entry Points - Current Market Price i.e. ₹106.75, and ₹99.00
Risk Free entry - After ₹114 (marked with Blue Dotted lines)
Stoploss - Below ₹88
.
Fundamentally the stock also looks good, so you can go for long term.