IDBI can give a good run from here.
The stock was seen rising in an impulsive 'wave I' structure between March-Sep 2023.
Wave II happened between Sep-Nov and wave II managed to retrace 38.2% of wave I.
The stock since completing the wave II correction in Nov has displayed two impulsive waves making the labelling as I-II-i-ii-i-ii and hence creating room for many legs to unfold going down the months in 2024.
The bigger Wave III target is projected to be around INR 100 mark providing an upside potential of around 50% from CMP.
On the downside, INR 64 can be used as a 'SL'.
Wave II happened between Sep-Nov and wave II managed to retrace 38.2% of wave I.
The stock since completing the wave II correction in Nov has displayed two impulsive waves making the labelling as I-II-i-ii-i-ii and hence creating room for many legs to unfold going down the months in 2024.
The bigger Wave III target is projected to be around INR 100 mark providing an upside potential of around 50% from CMP.
On the downside, INR 64 can be used as a 'SL'.
Note
sl trailed to 65Note
sl trailed to 70
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.