BUY AMRUTANJAN above 116.5 close sl 95 target 130-145 even one can collect small delivery in a range of 100-112 range and hold with 95 sl on closing basis.
Have a look at the chart of AMRUTANJAN we can see many things are developed on chart.
on a long term chart we can see that stock has created a “FALLING WEDGE” pattern able to break the upside tend-line of wedge but next day it has given a DOJI candle and form a “EVENING STAR” pattern on chart so before confirming up move in last breakout it has given a reversal signal and given a good correction.
another thing we can notice is previously at bottom stock has given a “POSITIVE CONVERGENCE” signal shown with yellow lines, and after moving above resistance range it confirm the reversal at 100-105 range, so now 95 bottom is consider to be good support any fall near this level is a good buy with small sl.
after moving above from previous range next it given a ” POSITIVE CONVERGENCE” signal on chart shown with pink lines, and with recent candlestick study shows that stock has taken the support of its “DEMANDING TREND-LINE” in a range of 105-110, but this convergence can be confirm once stock able to give close above 116.5 level.
recent candlestick patterns also shows that many time stock has given a DOJI candles on chart with the bottom range of 108-112 and upper range of 115-116.5 so buying near the lower level and keeping support as sl will give some good moves in stock in coming days, safe traders can enter after breakout.
so over all indication from this stock is buying at dips with 95 as sl on closing basis and waiting for higher target with breakout.