You are seeing the best of Nifty rally since past 3 trading sessions. We have been bang on in anticipating this up move when majority were on the short side.
Given the upward momentum we capitalized on stocks which were ideal to trade for 10% – 12% returns in this index favourable rally.
Max Financials (MFSL) was one of the stocks in NBFC sector moved amazing as per Elliott wave patterns and also indicators such as Fibonacci Retracement hinted towards the target levels.
We generated buy call under Momentum Service on MFSL on 27th May 2020 and we almost achieved out target level as our studies showed.
See below what did the chart suggests:
MFSL hourly chart: Momentum call given on 27th May 2020
MFSL hourly chart happened on 01ST June 2020
(Following research is taken from Momentum report published on 27th May 2020)
Elliott wave analysis:
Momentum stock recommendation: Max Financial service Ltd
Buy Price – Buy above 448
Target price –499
Partial Profit: 470
On the hourly chart of MFSL, the stock seems to be moving on upside. And we can clearly see Bank nifty and NBFC stock has been outperforming. So Max Financial is expected to outperform.
As per wave counts, currently wave E seems to be unfolding on upside wherein complex corrective pattern is in progress. Prices have reversed from the channel support and have also broken above the important red trendline resistance. This rise should be wave a which should ideally mimic the prior wave a that was sharp and fast for the upside targets of 499 that coincides with 61.8% retracement level of the entire fall and the earlier peak as well.
In short, MSFL looks to be positive. Move towards 499 levels can be expected on upside. This outlook is valid as long as 420 remains protected on downside. Move below this will indicate few more days of consolidation in form of wave x before the uptrend can start. Also ensure to book partial profits near 470 levels and trail stop to cost so that the risk is minimized.
Happened: The stock rallied more than 11% in just three trading sessions and we almost achieved our target at 498.15 levels. It simply shows power of Elliott wave patterns that we use for most of our research. Fibonacci levels worked extremely well in estimating the movement on upside.
Momentum calls: During such times it is important to capitalize by buying the stocks that can show momentum along with broader market. Always remember not every stock will move the way we expect but it is important to maintain strict stoploss as these are high risk trades but with potential to give the max gain in shortest possible time. Get access now as the momentum starts building UP.
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