The Indian market has been volatile lately, but it managed to close flat with negative bias for the month of April.
“The rollover has been very low this time in both Nifty and Bank Nifty and also the open interest in both is not significant.
“We hope that things start to settle by the middle of the May series.
On April 30, a lot of PSU stocks were buzzing throughout the day.
In January 2021, the stock was trading above the Rs 1,000-mark and now the stock is hovering near 800-odd levels.
At this juncture, the stock is hovering near the potential reversal zone of a bullish harmonic pattern.
The risk-to-reward ratio for going long is highly lucrative in this stock.
For a medium-term trader, this could be a perfect price to go long with a time frame of 2 – 4 weeks.
Furthermore, the stock has given closing above 200-DMA, which suggests a positive move in the counter.