We covered this stock on 10 July 13 July 23 July 06 Sep 07 Jan and 14 Jan Stock gave a Weekly Close life high and in the process did our final target of 214 as we have discussed in last post on 14 Jan
Technical helps us in gauging the price level stock can rise in coming days. Stock has been following technical very precisely has already doubled from the initial buy level of 100.
Weekly/Daily Chart looks very bullish.
As per above chart, Stock made good bottom in the range of 103-105 than rallied all the way till 161 than again consolidated in range of 131-161. Before doing breakout above 161.
Range of Consolidation = 58 points (161-103)
Initial Target = 161+58=219 High made on 16 Feb is 218
Stock has been following the levels perfectly.
Any close above 218 can see stock move another 58 points which is almost 30% rally from current level.
New Target Calculation = 218+58 = 277 which we should see around March 31.
Remember the Golden Technical Rule Ride the Trend till it bends. Stock is Listed on BSE and Ticker is GENCON.
Fresh Long in Range 218-220 Target 253/277 SL should be kept at 200 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.