The railway stock connotes the one of the assumption of technical analysis of history repeats itself.
The price action on the daily outlook is currently replicating its previous price pattern.
The stock displays a healthy primary uptrend.
It entered into a consolidation phase following a 134% run-up which is a positive sign.
This potentially indicates addition of smart money participation to bolster its primary uptrend.
The latter half of the ongoing consolidation comes with a higher high and higher low structure along with signs of momentum spark. This indicates that the intermediate trend is garnering strength.
The price action has immediate support at its 50 daily MA and 20 weekly MA.
The 50 period volatility on the daily outlook trades at its lower levels diminishing the probability of unruly moves.
IRFC is showing high price strength compared to the 50 index and buyers’ demand.
We recommend to buy IRFC for the target of 183 with a protective stop at 143.
The price action surged nearly 66% from the March 2024 lows in anticipation of a positive Q4 result.
The price action is currently trading in a rounding bottom pattern indicating garnering of bullish strength.
The ongoing lateral trend indicates that smart hands that participated in the recent upmove continue to hold their positions complimented by further accumulation.
The price strength compared to the 50 index remains strong which is a positive sign.
The RSI across daily and higher timeframe are trading well above their median without diverging against the price. This indicates thrust in the price momentum.
The stock’s volatility trades at lower level on the daily outlook diminishing the probability of unruly moves.
We recommend buying EXIDEIND between CMP-468 for the target of 557 with a protective stop at 435.
Following a parabolic 198% rise from the August 2023 lows, the price action entered into a multi-month consolidation.
The consolidation depth is only 33% indicating that smart hand participated in the previous rally continue to bolster the sideway trend in addition to further accumulation.
The lateral trend has observed fakeout and shakeout. This potentially filtered out retail participation while the smart hands continue to participate.
This indicates that the dumping of stock by disgruntled owners is no longer driving the price down.
Since the shakeout, the price action has seen expansion in volume indicating that the dormant buyers are now getting active.
The zone of 277-254 is fair value area gap acting as strong support zone coupled with 50DMA.
We reckon to buy ITI from CMP-310 for the target of 370 and use a protective stop at 292.