SUNTECK trade ideas
Double bottom, Inverse H&S in SUNTECKHi,
Greetings of the day!
One of the looked up sector to invest in Indian market is the real estate sector. One of the leaders in this segment under small cap universe is Sunteck realty ltd. Real estate sector is on revival after almost 10-15 years in India.
Technically, the chart has formed double bottom on daily chart and is consolidating near breakout region . This can be considered a bit early entry because the volumes say everything on charts. The script also shows formation of inverse head and shoulders after decent correction from 590 levels
based on Fibonacci levels the script can show levels of 450 560 first.
Based on the height of the head, levels of 550 can be visible
The risk reward is favourable where stop loss can be anywhere below 340 levels on weekly closing basis.
Note: the chart shared here is having logarithmic scale.
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sunteck realtyThe company is focusing on building a rental portfolio from commercial projects. It has already preleased the entire project of Sunteck BCK51 at BKC Junction for lease tenure of 29 years. It is looking to pre-lease Sunteck Icon also at BKC Junction.
• The management plans to launch the new project at Kalyan along with new activation launch of towers in existing projects during the year.
• From FY18 to FY21 the company has delivered compounded annual growth rate (CAGR) in pre-sales of 21%. It expects to deliver pre-sales growth of ~20%-30% on compounded annual basis, going forward.
• At ODC, Goregaon the company has three launched projects i.e., Sunteck City Avenue 1, Avenue 2 and 4th Avenue and the balance inventory for the three projects together stands at ₹250 crore. Fromthe launched phases of Sunteck Naigaon i.e., Sunteck West World, Sunteck One World and Sunteck Maxx World the balance inventory to be sold stands at ~₹400 crore. Whereas for Vasai West, theinventory to be sold from the launched phase is ~₹600 crore.
• It will continue to target new acquisitions in the MMR (Mumbai Metropolitan Region) with focus on uber luxury segment and mid-income segment.
SUNTECK REALTYHello and welcome to this analysis
In the monthly time frame it formed a Bearish Harmonic ABCD in JAN 2022 near 590 and since then has retraced 62% of its last leg.
In the weekly time frame it has formed a Bullish Harmonic Gartley around 315 suggesting the correction is most likely over.
It can be a good stock to accumulate between 330-370 for upside levels of 420-500-650. The view would be considered invalid below 285.
Good risk reward set up for medium to long term at the current level.
Happy Investing
SUNTECKNSE:SUNTECK
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Sunteck realty positional viewThe stock of Sunteck realty has recently given strong breakout from its ATH levels of around 535.
It has given a retest of the breakout level and currently consolidating from past few days.
We can see a fresh upmove above 590-595 levels.Also, stock can be accumalated at current price and added on dips upto 535 as Realty sector is expected to perform good in the next 2-3 years
This is just for educational purposes and my personal view based on technical analysis.
SUNTECK Realty Weekly H&S BreakoutNSE:SUNTECK has given a weekly breakout from a very long H&S pattern. Though right shoulder is much smaller compared to left one, asymmetrical shoulders aren't uncommon. Volume looks decent and weekly breakout candle also looks nice. As per classic TA, projection for this move would be to around 900 level (yes, that's a pretty large move). Let's see if it pans out. Keep an eye!
Sunteck Reality create a bullish head & shoulder chart patternFriends, Sunteck reality create a bullish head and shoulder chart pattern on weekly chart. Its looking very bullish for long term prospective currect stock traded on 570. My target is 900 and stop loss is 525. Please note this is only for educational purposes.