Unitech has displayed a bearish diamond pattern. According to the calculations, the bottom for the stock should be around 84.5 - 85 , which had been reached and then reversal took place. Thus, the technical bottom has been achieved. The current levels of 85 if not breached can be used for entering the scrips.
Diamond TOP. I didnt know about this pattern.
ReplyDeleteYeah. It exists.There was an reversal from the current price target which saw its rising to the price of 89.50!
ReplyDeleteI dont understand patterns as u do KT.
ReplyDeleteUntech seems prtty much flat .
Has been range bound (65-95) for 2 years now.
I dont see an upside unless it breaks 98-99 !
Pritesh
btw viraj is this your blog ?
ReplyDeleteHi Pritesh,
ReplyDeleteThe pattern which has been highlighted in the above graph has been observed over a short term, and it is more over a trading call rather than an investment call.
In a way when you say an upside above 98 - 99,from the current levels it means a return over 16% ,which a very good return even from an Investment perspective.
And just one more thing from the confirmation of the support levels, yesterday the BSE realty Index corrected by over 2.5% with Indiabulls Fin correcting over 5.1%,however Unitech was able to sustain its support of 86, which is indicated in the above graph!
Correct.
ReplyDeleteBut Unitech has always been a laggard and a slow mover.Always flatters to deceive.
Doesnt run up as much as the others when realty is bullish. (DLF leads the pack,India bull follows suit)
Nd when it comes to correction the likes of India bull and GMR infra correct first and unitech reacts the slowest,so not much pt building short positions too.
Its a safer bet,but same goes for returns.
Not much of a trading stock I would think.
98-99 pahunchne zammana bhi jaa sakta hai.
DLF@350-360 levels wud be the best Realty bet in Short term (1-2 quaters).Jst an observation.
Also one can consider JP Associates (JP infra merged with this company).At 123 seems solid.137-38 within a month should be easiy possible.
Hi Pritesh,
ReplyDeleteYou are missing out the point here, that I`m being stock specific here. I`m not comparing the scrip with any other realty scrip.
hmmm ...guess so ... U put a Strong Buy on Unitech yaar. Isiliye .....
ReplyDeleteHi Pritesh,
ReplyDeleteI`l still stick to my point! I was stock specific,irrespective of your perception of a Strong buy/sell.