Elgi Equpiment - Pullback Play

ELGIEQUIP rose 13% today with heavy volumes near 52 52-week lows, making it a good candidate for a pullback trade with MACD getting Positive and Trending Up, if it can cross the falling trendline a Swing Towards 200 DSMA is Possible.

About:
Incorporated in 1960, ELGIEQUIP along with its subsidiaries, is manufacturing and supplying Air Compressors & Automotive equipment. It also provides related after-sales services it is the 6th largest air compressor manufacturer globally and the 2nd largest in India.

Trade Setup:
Trade will get activated after the trendline is crossed.

Target(Take Profit):
Around 200 DSMA or 620 Levels

Stop Loss:
Entry Candle Low for Swing Traders and Recent Swing Lows for Postional.

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Disclaimer: "I am not SEBI REGISTERED RESEARCH ANALYST AND INVESTMENT ADVISER."
This analysis is intended solely for informational and educational purposes only and should not be interpreted as financial advice. It is advisable to consult a qualified financial advisor or conduct thorough research before making investment decisions.