Potential swing option for short/mid term hold
HINDCOPPER after making ATH of 415.80 have corrected approx 37% from top. Last trading week, stock have created a base at 260 levels showing sideways movement despite there has been huge volatility in Metal sector. Due to continous FII selling and negative market sentiments expecting 260 level to break and creating more panic for retailers.
However, as per my views, there should be a bounce back from 243/226 zone for further waves. Now, this bounce shall occur either quickly just hitting levels of the marked box or post few days consolidation within the box attracting institutes to accumulate/add at that point.
Personally, I'm looking for an opportunity here for fresh entries at levels within the box for a short/mid term Swing for 20-30% returns with last target of 302/305.
This analysis is just based on my personal views as per demand and supply zones for the stock, therefore, this does not guarantee any future results or returns. Not a buy/sell recommendation.
However, as per my views, there should be a bounce back from 243/226 zone for further waves. Now, this bounce shall occur either quickly just hitting levels of the marked box or post few days consolidation within the box attracting institutes to accumulate/add at that point.
Personally, I'm looking for an opportunity here for fresh entries at levels within the box for a short/mid term Swing for 20-30% returns with last target of 302/305.
This analysis is just based on my personal views as per demand and supply zones for the stock, therefore, this does not guarantee any future results or returns. Not a buy/sell recommendation.
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