About the company:
Poly Medicure Ltd (NS: PLMD ) is an India-based manufacturer and exporter of medical devices. The company is a top exporter of plastic medical disposables/ surgical Items. It has a portfolio of over 130 SKUs of disposable medical devices across 9 different product verticals. The stock is trading at a 14.42% discount to its 52-week high level. The 52-week high and 52-week low range is Rs 1,165 – Rs 449.
One week time frame: (Chart 1)
On a weekly time frame, we can see that Poly Medicure stock is trading in a Bullish Pennant pattern. The scrip is in a process of breaking out of this pattern. We can also see that the share has taken support on the 50-day EMA line and has bounced back. We expect to see an upward move supported by an increase in volumes. Relative Strength Index (or RSI) is above 50 indicating positive momentum in the stock. Long-term investors can enter at current levels. They should maintain the stop loss at Rs 875 on a weekly closing basis. This level is also acting as an important support level. Our view will negate if the support level is broken.
One day time frame: (Chart 2)
On a daily time frame, PML scrip has made a Rounding Bottom formation. We can also see that on November 26, 2021, the stock retested an important resistance level of Rs 999. Higher volumes supported the upward move. RSI is above 60 and the Moving Average Convergence Divergence (or MACD) line is above the signal line. It indicates positive momentum on the share. Positional traders can enter once the scrip crosses Rs 999 levels and stays above it. They should maintain the stop loss at Rs 895 on a daily closing basis.
We anticipate PML scrip to maintain positive bias and move higher going ahead. Short-term traders should enter only when the stock crosses Rs 981 and stays above it. They should keep a strict stop loss at Rs 953 on a daily closing basis.
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pfizer good news, good movement. 6 K near term target.Like 3
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