STOCK TIPS

Timeframe: Daily

NSE MHRIL has entered a corrective phase after reaching a high of 470. The price is currently trading above the 200 EMA, while finding strong support at the 20, 50, and 100 EMAs. The ATR is at 13.6, and the ADX has decreased to 13.24, indicating diminishing momentum and a lack of a strong trend according to the indicators and general price movement.

MHRIL has formed a contracting triangle pattern in wave ((4)). The price reached wave (D) at 451 and has since started declining towards the final wave (E). Wave ((4)) has already retraced 23.6%, with a common retracement level of 38.2%. The estimated end of wave E is likely to be between 0.618 and 0.786 times the length of wave B. After the construction of wave (E) of wave ((4)), traders can buy for the following targets: 420 – 448 – 462+. Note that if the current structure is unfolding impulse, the price will never break the A-C line.

We will provide additional setups in our morning report tomorrow.

NSE DLINKINDIA – Bull Victory Renders Bears Invisible

Do you remember the NSE DLINKINDIA wave projection?
Visit here: Research Report – NSE DLINKINDIA & NIFTY

BEFORE

We had written clearly,”Traders may consider buying if the price breaks above 349.9, targeting levels at 363 – 382 – 403+“.