CIGNITITEC - 4 Months Consolidation / Retracement Breakout
Cigniti Technologies Ltd
1) Time Frame - Monthly.
2) The Stock had given an All time high breakout & It has been in a Consolidation since (November, 2023). Now It has given a Consolidation breakout & Closed above it's (November, 2023) High with good bullish momentum candle in Weekly Time Frame. One can consider entering here with weekly TF or Should wait for the strong monthly close above (1204).
3) The stock may find It's next resistance around the (price 1510) in short term.
4) Even though the MidCap and SmallCap index were showing weakness in the past week the stock had shown some relative strength and managed to sustain above it's 21 day moving average. Since It's a 3500 Cr Market Cap stock, One need to be cautious & should keep the Stop Loss tight In case of any sudden selling in the stock.
5) Recommendation - Consider Buying it with tight Stop Loss.
1) Time Frame - Monthly.
2) The Stock had given an All time high breakout & It has been in a Consolidation since (November, 2023). Now It has given a Consolidation breakout & Closed above it's (November, 2023) High with good bullish momentum candle in Weekly Time Frame. One can consider entering here with weekly TF or Should wait for the strong monthly close above (1204).
3) The stock may find It's next resistance around the (price 1510) in short term.
4) Even though the MidCap and SmallCap index were showing weakness in the past week the stock had shown some relative strength and managed to sustain above it's 21 day moving average. Since It's a 3500 Cr Market Cap stock, One need to be cautious & should keep the Stop Loss tight In case of any sudden selling in the stock.
5) Recommendation - Consider Buying it with tight Stop Loss.
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