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This Post is Regarding a Stock which I Have been Tracking and Trading, Also Recommended This Stock to My Clients and Holding a Large Qty in The Stock in Futures and Options as Well as Equity.
Before Proceeding to The Analysis Just Wanted to Remind you That You May Follow us For Live Updates and Trades on Following Links :
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To Start, I am Posting Analysis of the Stock That was Already Given here and It was a Sell Call, But Now We are Changing Our Stance and Going Long In This Stock.
If You Want to Read About The Stock in Our Earlier Post and How Big Profit it Delivered, Just Scroll Through Our Blog Posts and Read the Post of May 02, 2023.
The Stock is "AARTI INDUSTRIES LTD."
Let's Find Out What the Price Action Suggests on Charts.
This is a Daily Timeframe Chart of the Stock, This Chart is of Today's Closing. The Stock was in a Bearish Mode since Long, The Stock hit a All Time High around 1020 in October 2021 and Since Then It was Falling. The Stock Recently Made a Low of Sub 450 Levels which is Approximately 60% Down from the All Time High.
The Stock Formed a Double Bottom Structure Recently and Then Successfully Broke the resistance around 480-482 Levels and Then Broke The Falling Trendline. After the Breakout From Falling Trendline The Stock Succeeded in Breaking Out From a 100 Day Simple Moving Average and Now Trading above The Moving Average. After The Breakout Stock is Moving Comfortably Above the Resistance, Trendline and Moving Average while The Volumes are Increasing in the Stock indicating Buyers are again taking interest in this Counter after a Long Time.
Looking For a Short Term Move Here for F&O Traders, We have Reached a Conclusion that the Immediate Resistance of 568 is the Only Strong Resistance in the Move for the Stock and a Minor Resistance around 538, which looks easier to cross as of now due to Volume. RSI also Shows Increasing momentum in the Stock.
Currently the Stock is Trading around 515.90 in Cash.
The Immediate Support is 498, which is The 100 Period Simple Moving Average as of Now.
Below 498, One Strong and Important Support is at 482 Levels, this was a Neckline of the Double Bottom Pattern. The Target of The Double Bottom Breakout is Not achieved yet technically. The Target comes around 522 levels.
The Immediate Resistance of 538, looks Like an Easy One and the move above 538 will lead to the Next Resistance 568 which is a Strong Resistance and Our Immediate Target For the Short Term. The Same Level Around Which we Shorted Earlier and Minted Good Profits.
The Recommendation here :
"AARTI INDUSTRIES LTD."
Recommendation : Buy (Add on Dips)
Entry Levels : 511 and 498
Stoploss : 482
Targets : 538 - 566
Future Traders :
Buy SEP Futures @ 511-514 Levels
Stoploss : Close Below 498 Levels
Targets : 566
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Disclaimer :
The Analyst Follows Charts and is a Technical Analyst having Experience of More Than 16 Years in Analysing Global Markets as Well As Indian Markets. The Analyst is a Certified Investment Adviser and Retirement Adviser, Having Certifications from Many Institutes around the World.
The Suggestions Here are Purely Based on Study of Price on Charts and The Previous Real Data of Stock Price Movements, Nothing here is Speculative in Nature or Based on Any Source or News Based Activity. This is a Pure Analysis. So Follow The Analysis if you Are Comfortable trading and Taking Risks. Do Not Jump in Without Considering The Risk. Follow Risk Management.
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OLD POST For AARTI INDUSTRIES LTD.
https://optionsmagician.blogspot.com/2023/05/stocks-in-momentum.html
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