Venky's still have downside?
Updated
I am looking it at the Monthly level - you can see the price inside the Big Triangle.
Currently price is completing the second leg of the Triangle zig-zag.
If my assumption is right, there is still room for 30-35% downside, until it hits the lower wall of the Triangle.
Venky's being one of the largest company in India engaged in poultry, breeding and chicken meat processing. Good fit under the Consumption Theme. Every-one is waiting for consumption revival.
If we go by the narrative and taking the assumption of market's sector rotations. I am see the convergence at the bottom wall of the triangle. I am waiting for the price to hit that wall.
What are your thoughts? will it go down from current level? or Sustain here?
Currently price is completing the second leg of the Triangle zig-zag.
If my assumption is right, there is still room for 30-35% downside, until it hits the lower wall of the Triangle.
Venky's being one of the largest company in India engaged in poultry, breeding and chicken meat processing. Good fit under the Consumption Theme. Every-one is waiting for consumption revival.
If we go by the narrative and taking the assumption of market's sector rotations. I am see the convergence at the bottom wall of the triangle. I am waiting for the price to hit that wall.
What are your thoughts? will it go down from current level? or Sustain here?
Order cancelled
Budget and the recent qtr results - boosted the sentiment towards Venky.
I think the downside risk is nullified now.
Sustained Price above [weekly] R1 would either stabilise or continue its journey to upside.
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