Finolex industries around 60 and has started a 5 - wave structure in the form of wave 1 and has moved up to test 140 then further in the form of wave 2 has retraced towards 100. Now the trend has started in the form of longest wave i.e., wave 3 of 5 wave sequence. The confirmation of wave 3 was above 140.
Daily Chart
The stock is clearly in a defined uptrend CMP 167. So its recommended accumulating the counter from current levels up to 152 on dips with a stop loss of below 140 on closing basis for targets of 180 / 210 / 225 in medium term (6 - 15 months period) as 25 - 30% returns can be expected.
Raju V Angadi
Equity Research Analyst
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So considering all the scenarios in case and to be one of those in the direction of the next major trend.
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Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in markets
