Momentum stocks are going good with Nifty stabilizing, Dalmia Bharat moved precisely as expected on basis of Elliott Wave pattern.
Below research and momentum call was given on 12th May 2021 clearly showing why we turned bullish on this stock near 1689 and today the stock crossed the targets of 1860 levels.
Dalmia Bharat Daily Chart: (As published on 12th May 2021) in Momentum research
Elliott Wave analysis: Following was mentioned on 12th May 2021 in Momentum research
Momentum stock recommendation: Dalmia Bharat
Buy Price – Buy above 1689
Time Horizon –Not Applicable
Investment – 5% of capital
Target price –1860
Partial Profit: 1755
Stop loss– 1590
Anticipated: “DALMIA BHARAT LIMITED in the lens of Elliott wave analysis shows that a brief breakout in the stocks has happened from the range bound area giving Momentum to the Stock. We can clearly see that the stock started its 5th wave higher and can reach toward the equality target of 1860 levels on upside….Overall sector is also outperforming with action witnessed in Midcap and Smallcap space. On downside stop can be placed near 1590 and it is best to book partial profits near 1755 levels and then trail stop to cost. Fibonacci equality target is at 1860 levels.”
Happened: The stock touched the target of 1860 and up by more than 10% in just a few trading days. This shows power of Elliott Wave and identifying impulse patterns.
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