PVRINOX :- AT STRONG SUPPORT ZONE

6 Mar

PVRINOX

PVR INOX Ltd. engages in the business of theatrical exhibition and allied activities. It has 689 screens across 115 cities in India and Sri Lanka with 361 properties. It is headquartered in Haryana, India.

Technical Analysis:-
1. Trading at a strong support zone and showing rejections from below.
2. it can form a C up leg in a triangle formation.
3. the spread of recent falling candles has started to reduce.
4. the volume is not supporting the down move. as volume declining + price declining is a sign of weakness in a downtrend.
5. the RSI & Stochastic is rising from the oversold zone.
6. Started forming a base around the support zone.

ENTRY:- shall be above the base formation 1420
STOP: below the support zone, it should be on a weekly candle-closing basis.
Targets are mentioned on the chart.

Fundamental News:-
PVRINOX is opening some new screens.

Hope you understand the analysis and study the charts for better clarification.

Keep Learning,
Happy Trading.

7 Mar

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