Good time to acummulate Carysil shareThis share looks bottoming out. It has a strong support as mentioned in the chart. High chances it flies back once the down trend is broken. So good time to start acummulating this share for short to mid term.
Carysillong
wave III of 3 in CARYSIL...upside potential of 25%Carysil Limited, together with its subsidiaries, manufactures and trades in quartz kitchen and stainless steel kitchen sinks, bath products, tiles, kitchen appliances, and accessories in India.
The stock is seen making impulse waves to the upside since Jan 2023.
It made the first impulse (wave 1) from Jan. - April 2023. Wave 3 seems to have started off in May 2023 and is likely getting extended.
Wave I of 3 was formed between May and July 2023 and then there was a 75% retracement of wave I from July-oct.
Wave III of 3 has now kicked off and volume too is picking up. The projected target for this wave should be the 850-870 zone
SL 650
CMP 696
Target 860
Carysil Ltd Trend AnalysisThe only listed fundamentally sound small cap company in its segment for kitchen appliances and quartz kitchen sinks.
The company gets around 80% revenues from export markets and 73% of total revenues come from quartz sink.
The company is going for another 20% expansion by adding 1L units to cater the demand of global customers.
Price is making lower lows indicating bearish continuation, next support is around 350 level.
Good to accumulate around 320 - 380 level for the following targets:
Medium term swing target @ 800 (125% ROI)
Long term swing target @ 1100 (210% ROI)
Long term positional target @ 1500 (320% ROI)
Only concern is if the dollar index tumbles or supply chain disruption happens due to lockdown then this stock may underperform as majority of revenues come from export markets.
Do your own due diligence before taking any action.
Peace!!
