Shakti Pumps India Ltd. - Up Flag on Daily Chart

3 Haz 2021

Shakti Pumps India Ltd. had an impressive rally followed by the consolidation. Price gave an upward breakout on a daily candle on 3rd June 2021 and closed at Rs.837. The breakout has a massive volume support. I anticipate the price target of Rs.988 expected to be achieved in 7-10 daily candles. I suggest the stop loss at Rs.787. Expected risk-reward ratio is 1:3. The stop loss should be followed for the first four daily candles. Thereafter the profit booking/ exit decision should be based on attainment of the price target or downward crossover of 26 EMA by 5 EMA whichever is earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea shall be solely at the risk of the investor.