NAM India (Nippon Asset mgmt) Short Term trade idea |Elliot Wave
Looks like NAM India is in 4th wave of Elliot waves which can extend till the support line i.e. are of 645-650, if the stock takes support there then seeing price action last wave 5 can cross 700, a run of ~50 points possible to capture with a stop loss around 637, RR ratio of ~1:4
19th of July is the result date for the stock so if there are expectations of good result then a 50 points up move is easily possible for this script.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade with applying your analysis and at your own risk.
19th of July is the result date for the stock so if there are expectations of good result then a 50 points up move is easily possible for this script.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade with applying your analysis and at your own risk.
Dagangan aktif
Bingo : Wave 4 has reached to the area of 650 today, tomorrow it can move up a little and again fall till 545 and it gets support in the 545-550 range and move up then 700 can be targeted, so price action around this area is important.On the other hand if it breaks below 540 then it will turn bearish.
Nota
545 also reached. This is the area from where it can get support and bounce back but protecting 538-540 on hourly closing basis is important to make wave 5 else stocks might give further big correction.Nota
After support is broken the stock has made low till 625 and got 1 rejection from the trendline already.Holding above 620 is important for wave to be formed, breaking below 620 will make stock more bearish.
Nota
After support line is broken a fall of 66 points has come, stock is looking weak and holding 600-610 is important to recover.Dagangan ditutup secara manual
The channel breakout worked nicely as expected by not the waves so closing this callNota
Looking weak now and breaking below 640 can take it to 610-600.Nota
Yup the stock came below even 600, the channel breakout down worked perfectly well.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.