SHIVAMAUTO - Long on Monthly for 40%Shivam auto has corrected 33% after a 70%+ move on Monthly which is a relative contraction. It is currently at 10 EMA on Monthly with 10ema still upsloping suggesting the stock might get a push from here till the nearest resistance point of 64.
On Weekly chart it is currently trading in the value zone of 20 & 50 EMA giving an inside bar. volumes have also tapered down gradually.
On Daily the stock has printed Demand Candles with Inside bars since 26th september and looks like price is taking support near 200 ema.
Trade plan is to take a position in the stock at CMP 46.68 with a stoploss at 42 (just below 200 Dema) which is a 9.2% for a target of 64 at RR of 4.27:1.
