Chart Update: Ramco Systems Ltd

Ramco Systems Ltd: CMP 380, from highs of 1110 in August 2015 stock had corrected till 285 last month. Now the stock has shown some recovery and come back to 380.

ramcodaily

That looks like some nice bounce back with huge all time high volumes right there on the daily charts.  Apart from the daily charts I noticed an interesting pattern on the Intraday 5 Min Charts.

ramco-intraday

On 4th of January stock rallied sharply and in one 5 minute candle rallied from 348 to 378 and from there topped at nearly 387. If we see the chart it has a Flag/Pennant sort of formation where post the vertical rally the stock can consolidate in a range and then breakout to touch new highs. In Ramco Systems the lower end of range is near 375 and the upper end is near 383. I guess RAMCOSYSTEM is a strong buy for traders with a stop of 375 and a target of lot lot higher, given the turnaround on daily charts.

DISCLAIMER:  Registration status with SEBI: I am not registered with SEBI under the (Research Analyst) regulations 2014 and as per clarifications provided by SEBI: “Any person who makes recommendation or offers an opinion concerning securities or public offers only through public media is not required to obtain registration as research analyst under RA Regulations”

DISCLOSURE: It is safe to assume that i might have Ramco Systems Ltd in my portfolio and hence my point of view can be biased. Readers should consult their financial advisory before any investments.

 

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