Paras Defense - Potential 40% upside
Price Action Analysis:
Stock was in downtrend creating series of Lower-Highs and Lower-Lows
Created Double Bottom with Bullish RSI divergence
Price crossed 50 EMA
Retested 50 EMA with Doji formation - created Higher-Lows signalling trend change
Defence index and Stock outperforming NIFTY based on Comparative RS
MACD, RSI and ADX supporting bullish bias
Trade Execution
Awaiting Horizontal Resistance break-out at 1132- Buy above 1135
Stop Loss below 1055 on daily closing basis
Target 1 - previous swing high 1315
Target 2- ATH 1560
Trail with EMA 20 or SuperTrend 10,3 on daily chart
Stock was in downtrend creating series of Lower-Highs and Lower-Lows
Created Double Bottom with Bullish RSI divergence
Price crossed 50 EMA
Retested 50 EMA with Doji formation - created Higher-Lows signalling trend change
Defence index and Stock outperforming NIFTY based on Comparative RS
MACD, RSI and ADX supporting bullish bias
Trade Execution
Awaiting Horizontal Resistance break-out at 1132- Buy above 1135
Stop Loss below 1055 on daily closing basis
Target 1 - previous swing high 1315
Target 2- ATH 1560
Trail with EMA 20 or SuperTrend 10,3 on daily chart
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