The stock is currently in wave iii of III which is projected moving towards INR 895-910 zone.
'Wave I' unfolded in the stock from June-Oct 2023 and then the price witnessed a 50% retracement of the wave I in 'wave II' through the months of OCT-NOV.
The stock is now going for the completion of the 'Wave III' target of INR 895 but the 'Wave III'
is sub-diving into minor waves.
We could see a 'wave i' of Wave III in late Nov and a subsequent 70% retracement of the same through Dec.
Leaving aside the Elliot-wave counts and structure, the stock is also now attempting to go past a very strong supply/resistance zone of 695-710. The stock has made 3 attempts to clear above the zone in the past but not managed to do so but this time around the extra-ordinarily high volume could help. KPIL closed with a massive +7.85% gain along with nearly 30 fold increase in average daily volume.
'Wave I' unfolded in the stock from June-Oct 2023 and then the price witnessed a 50% retracement of the wave I in 'wave II' through the months of OCT-NOV.
The stock is now going for the completion of the 'Wave III' target of INR 895 but the 'Wave III'
is sub-diving into minor waves.
We could see a 'wave i' of Wave III in late Nov and a subsequent 70% retracement of the same through Dec.
Leaving aside the Elliot-wave counts and structure, the stock is also now attempting to go past a very strong supply/resistance zone of 695-710. The stock has made 3 attempts to clear above the zone in the past but not managed to do so but this time around the extra-ordinarily high volume could help. KPIL closed with a massive +7.85% gain along with nearly 30 fold increase in average daily volume.