Stock Pick for the Day – Thyrocare is Up by 6% so far.
It is not easy to identify strong outperforming stocks especially in a choppy broad market condition. Nifty is down sharply but Thyrocare rallied on upside bucking the trend.
The following was published in morning “The Financial Waves Short term update” on 5th April 2021 before markets opened
Thyrocare weekly chart as of 1st April 2021:
Thyrocare 60 mins chart as of 1st April 2021:
Happened as of 5th April 2021:
Wave analysis: Following was published in morning research report
Anticipated: “As shown on weekly chart, Thyrocare formed a strong bullish candle. The stock has decisively broken the multi month trend line resistance and closed above previous 4 weeks high which indicate that the short term trend is bullish. Price took support of Ichimoku cloud and bounced from it. This can act as near term support. As shown on the hourly chart, in the previous session the rise was very steep and is also near the upper trendline. However, the overall breakout has taken place on weekly basis and so any dips can be used as buying opportunity.
In short, trend for Thyrocare is positive. Use dips as buying opportunity for a move towards 968 as long as 923 holds on the downside.”
Happened: The stock decisively broke above the channel resistance and made a high near 1009 levels so far.
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