We covered this stock on 10 July 13 July 23 July 06 Sep and 07 Jan Stock closed above its Weekly breakout level for 2 week in a row, Lot of traders were asking for update so below is my observation on the Stock.
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.
Daily/Weekly Chart looks very bullish.
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
Stock has seen life high volume on 09 Jan and high made was 179 so traders who missed the rally/traders who want to add more can again go long in the range of 176-179 for target of Rs 200, As per time theory stock should do the target by Jan end.
Remember the Golden Technical Rule Ride the Trend till it bends. Stock is Listed on BSE and Ticker is GENCON.
Fresh Long in Range 176-177 Target 200/214 SL should be kept at 165 on closing basis.
The above Stocks is not investment pick as I am not expert in Fundamental analysis but a short term pick for gain of 10-20% purely based on Technical Analysis based on my Studies.Please also do your own study before trading this stock and trade in small quantity also be strict with Stoploss.Bramesh Bhandari and his family/associates/ analysts would have exposure in the securities mentioned in the above article.