Sector: Banking / Industry: Bank - Private
Market Cap: 1,661.99/- Cr. / Category: Small Cap
Current Price: 156.55/- Target Price: 210, 227/- Stop loss: 140
Ticker: NSE: SURYODAY Recommendation: BUY (Buy Above 160)
Highlights
We issue a Buy recommendation on Suryoday Small Finance Bank. Based on a 12 -weeks
Target price of 210, 227/- offering a 41.87% upside potential from its closing price of
156.55/- on 26/12/2023. Our recommendation is primarily driven by Elliott wave theory:
Elliott Wave Theory Outlook – SURODAY SFB ltd, Buy above 160
December 26th, 2023 By Dinesh Naidu
In this technical research report we’re going to take a quick look at the Elliott wave chart of Suryoday SFB ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favoring the long side. Currently the stock is in a sideways corrective structure. The stock might give a breakout from the current level. The stock is currently trading in wave ((4)) Triangle pattern that has unfolded as corrective a-b-c-d-e pattern in a daily time frame. The price might reach extreme zone at 210 - 227 level We don’t recommend selling the stock and prefer the long side from the 0.382 & 0.50 % Fib retracement level. As the Primary trend is already bullish in a higher time frame, we expect to see at least 1 last wave bounce from our buying zone. Once price bounce reaches 0.618% Fib against the (wave 5) high, we will make long position risk free (put SL at Breakeven) and take partial profits. invalidation for the long trades is at 140 level.
Momentum & Trend Indicators:
Indicator Value Zone
Relative Strength Index - 45.44 Neutral
Rate of Change -1.82 Positive
Stochastic %K - 34.35 Neutral
Exhibit 1 -Elliott wave view
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