Dmart, an opportunity for re bounce As per technical chart setup, and current price also on major support, hopefully an upside rally seen in upcoming sessions. add this script on your watch list.
Dmartanalysis
Dmart (AVENUE SUPERMARTS) GIVES BRAKEOUT ON DAILY CHART NSE:DMART
Dmart (AVENUE SUPERMARTS) GIVES BRAKEOUT ON DAILY CHART
i will Buy near 4800
with sl 3800
for target of 5950.
risk reward ratio is 1:1
return on capital is 20%
DMART--Head & Shoulders??Head and shoulders pattern is identified in this stock.
we have a chance of right shoulder formation. keep safe in this area.
price is now near to Right shoulder
on bottom we have a strong support lies at 3550 levels.
if price breaks the neckline we have a support lies at 3550.
multiple times price rejection to topside is observed from 3650 levels, but we have demand zone, it wants to test the demand zone.
keep in long side from support levels,
if neckline failed to push the price downside we have a continuation from this support levels, upside.
If Demand zone fails large sell off is going to observe in this stock.
DMART one more Upward Impulse Wave about to form.
According tenth Elliott Wave Theory Price forms a 5 Wave Sequence structure before the major Correction, here we see that we have Wave 1, 2, 3(strongest upmove), Wave 4(correction), are complete.
Currently Price has formed a Quarterly Demand which has its LegOut closed above the EMa which indicates a Strong Buying and Price hasn't violated any Supply which signifies there was a temporary correction which is over and now Price is ready to Shoot above the end point of Wave 3, hence Target derived is Rs. 6000.00
This is a Trade where the reward is amazing against the minimum risk defined.
DMART--Demand zone@3570??This stock is broken the trendline, now approching the resistance.
A strong demand is created while breaking the trendline...
Enter long on retest of the trendline...
Avenue Supermarts (DMART) is at resistance levelWith reference to the attached chart, you can easily identify that DMART is at a resistance level and close below that line yesterday. Now it looks like DMART will again tank towards Rs 3300 level for Support level testing. You can also take advantage of it with the following levels:
Entry Below: Rs 3580
Target: Rs 3350
StopLoss: Rs 3670
Note: Please consult your Advisor or do your own analysis before taking any trade
