Hello Readers!
Please read the analysis I recently did on INDOCO REMEDIES for a friend.
I usually do not cover Indoco Remedies but happy to analyse the stock upon request. If you would like stocks to be analysed please write to me at kchamaris1993@gmail.com or comment below!
INDOCO
Current Market Price- 257
Target 412 (+60%)
Stoploss 235 (-8.5%)
The short term direction for Indoco looks very unclear as the stock is range-bound, and neither the price nor the momentum indicator is giving clear signals about its short term potential action. However, the movement is encapsulated between two trendlines with resistance at 315 and support in the range of 235-240. A breakout beyond either level with help in determining the direction.
The stock is easier to analyse for the long term- It has confirmed a bullish trend in January 2020 as shown on he chart but experienced the covid shock in march 2020. Ignoring trendline breach (as it was sentiment-driven), the stock has clearly resumed the uptrend. The last few months have witnessed higher volumes (blue circle) which means there is accumulation going on in the stock and is positive. As per the weekly chart, I am inclined to believe that a target of 412 is very much possible. At the current price of 257, this means a +60% target with stop loss at 235(-8%). The risk-reward appears promising if one is willing to play the stock for the long term.
I would love to hear your thoughts about this INDOCO.
Thanks for reading!
Kavita Chamaria
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