Breaking of channel on 10th May and then Fibonacci retracement upto INR 548 on 9th June is self explanatory and clearly visible
in the chart.
Parallel channel between 7th June and 23th June clearly shows importance of 21 DEMA crossing 200 DEMA - 1st from below on 7th June
which led to increase price action and then from above on 23rd June which led to stock correction.
Therefore 200 DEMA is a major moving resistance for the stock price. Therefore
If 21 DEMA price is above 200 DEMA then 541 is the target to be expected
If 21 DEMA price continue to moves below then 520 is the level which is a strong support for the stock.
Note: I am long in the stock and i am expecting it to rise else will be accumulating more in case it goes down !!
in the chart.
Parallel channel between 7th June and 23th June clearly shows importance of 21 DEMA crossing 200 DEMA - 1st from below on 7th June
which led to increase price action and then from above on 23rd June which led to stock correction.
Therefore 200 DEMA is a major moving resistance for the stock price. Therefore
If 21 DEMA price is above 200 DEMA then 541 is the target to be expected
If 21 DEMA price continue to moves below then 520 is the level which is a strong support for the stock.
Note: I am long in the stock and i am expecting it to rise else will be accumulating more in case it goes down !!