INDIAMART - Ripening for a Mark Up
Let's evaluate the stock:
The Stock has been accumulating for the past 2 years and is Range Bound.
The Stock has tried to break The Resistance but unable to do so. The first time it tried to break was in Jul'23 but failed.
Reason being good results of Jun'23 Quarter which did not sustain and the stock came back down again to its Support levels.
Now, Dec'23 results were almost as good as Jun'23, compounded with better results for Mar'24 and Jun'24(which is best quarterly result in the past 3 years).
If the quarterly result for Sep'24 came as expected the stock can rally and hit short term targets of T1 and T2(based on Fib Extension). Long Term target is ATH.
The Institutions are slowly building their positions in the stock.
The fundamentals are Strong, with healthy DE and PEG Ratio, the stock is currently undervalued. Sales growth is also very Solid.
I will definitely keep this stock in my watchlist for the next month and keep a close eye on the technical before Sep'24 results are out.
*Not an investment Advice, only for educational purposes*
The Stock has been accumulating for the past 2 years and is Range Bound.
The Stock has tried to break The Resistance but unable to do so. The first time it tried to break was in Jul'23 but failed.
Reason being good results of Jun'23 Quarter which did not sustain and the stock came back down again to its Support levels.
Now, Dec'23 results were almost as good as Jun'23, compounded with better results for Mar'24 and Jun'24(which is best quarterly result in the past 3 years).
If the quarterly result for Sep'24 came as expected the stock can rally and hit short term targets of T1 and T2(based on Fib Extension). Long Term target is ATH.
The Institutions are slowly building their positions in the stock.
The fundamentals are Strong, with healthy DE and PEG Ratio, the stock is currently undervalued. Sales growth is also very Solid.
I will definitely keep this stock in my watchlist for the next month and keep a close eye on the technical before Sep'24 results are out.
*Not an investment Advice, only for educational purposes*
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