We covered this stock on 10 July 13 July 23 July and 06 Sep Stock has closed at its life high on weekly basis which is very bullish signal and also achieved today the EW Target of 162 as we have been discussing.
Before we discuss technical lets focus on Fundamental factor which is leading the rally as we are in Bull market and lot of stock are rallying but if we have fundamentals supporting its gives confidence to go ahead and buy and hold it. Big money is made when we sit on our holdings.
Traders who know Gujarati can see the interview of MD of Generic, Its bit old one but i liked the management Commentary
Technical helps us in gauging the price level stock can rise in coming days.
As per above chart, we can see the stock was consolidating in 26 point range of 135-162, and stock has broken out and closed above the 162 and also closed above 169.
So Target of this up move will come to 162+26 = 186 and 162+52=214
Remember the Golden Technical Rule Ride the Trend till it bends. Stock is Listed on BSE and Ticker is GENCON.
Traders who missed the rally can take Fresh Long in Range 170-172 Target 186/200/214 SL should be kept at 144 on closing basis.
This is not an investment pick as I am not expert in Fundamental analysis but a short term pick for gain of purely based on Technical Analysis.Please also do your own study before trading this stock and trade in small quantity.