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PC Jewellers Technical Analysis #57: Sell | Target Rs 46 | Arijit Banerjee

OUR RECOMMENDATION

CMP#67.8
IdeaSELL
Sell Range70 – 67
Target46 – 44
StopLoss*77
Duration6 – 8 Weeks
Potential Return^32 – 35%
CMP#IdeaSell RangeTargetStopLoss*DurationPotential Return^
67.8SELL70 – 6746 – 44776 – 8 Weeks32 – 35%

# CMP on June 06, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 57.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

PC Jeweller Limited is engaged in the business of manufacture, retail and export of jewellery and offer a range of products including 100% hallmarked gold jewellery, certified diamond jewellery including silver articles and jewellery for weddings. The company sells its jewellery through its showrooms and website www.wearyourshine.com

Stock Data
NSE CodePCJEWELLER
Sectoral IndexNIFTY 500
52W High164.9
52W Low46.85
Face Value10
Relative Performance_PC Jeweller vs Nifty 500 Index

TECHNICAL OBSERVATIONS (WEEKLY)

  • The Stock price has registered a resolute breakout past the eight-month consolidation towards October 2018 to signal resumption of the primary downtrend.
PC Jeweller Weekly Chart
PC Jeweller Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • Formation of Lower Tops and Lower Bottoms at Daily Charts.
  • The price closed below 5 and 10 days Moving average crossover which considered bearish and helps to propel further downside movement.
PC Jeweller Daily Chart
PC Jeweller Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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