NRSL Nimir Resins Limited Analysis 09 August 2016

Rebound Insight

Our Pivot:

Our Preference: Buy NRSL above 8.00 and average it out till 7.30 with strict stop loss of 6.74 and profit target at 9.33 and 9.93 .

Alternate Scenario: Downward penetration of 6.74 will call for 5.57.

NOTE: NRSL have completed its 61.8% weekly correction during its completion of fourth wave of bullish Elliot Wave and right now its ready for a pull back to format fifth wave of Elliot wave. Weekly Stochastic also have generated a bullish crossover.

Recommendations:

Buy above 8.00 and average it out till 7.30 with target at 9.33 and 9.93.

Weekly Chart with Supports and Resistances: