Intellect Design Arena Ltd. - Up-Flag on DAILY Chart

6 במאי 2021

Intellect Design Arena Ltd. is in an uptrend. The counter was in a consolidation since 1st April 2021. This consolidation was preceded by a rally. The price gave an upward breakout on 6th May 2021 and closed at Rs. 794.15. This breakout has massive volume support. This has formed the price pattern known as Up-Flag. I anticipate the price target of Rs.1,030 and suggest stop loss at Rs.746 to be followed for the first four daily candles starting from 7th May 2021. Thereafter, the profit booking/ exit decision should be based on achievement of the price target or downward crossover of 26 EMA by 5 EMA whichever happens earlier.
NOTE: This idea is an attempt to predict future price movement. Investment decision based on this idea, if any, shall be at the sole risk of the investor.