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SHEELA FOAM LTDSHEELA FOAM LTDSHEELA FOAM LTD

SHEELA FOAM LTD

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SFL trade ideas

SFL - Price & Vol contraction observed#SFL CMP 1686 Long suggested above 1715 Stop 1590 Target Open Logic Weekly chart Stock witnessed a 31% correction from 52 wk high with relatively low volumes after which stock has recovered with huge volumes. Stock also has broken out of a rectangular pattern with huge volumes post which has been consolidating with very tight contraction in price as well as volume, which is a very good sign of a possible breakout. Hence long suggested at the high of the current contraction base which is 1715. Fundamental parameters D/E nil ROE 25% Sales and Profit growth has been reasonably in a general uptrend in the last 3-4 quarters. Promoter holding 85%. Low float stock with free float 1156 cr out of the total market cap of 8261 crores.
NSE:SFLLong
by scorpiomanoj