Kansai Nerolac Analysis. As on 15 Oct 2019. CMP 514
Bottom line : We can safely rule out the bearish triangle. The bullish triangle is thrusting out. Eventually new highs are expected above 608.
Notice Kansai Nerolac is not waiting for the larger indices to complete their patterns. It appears to have begun its larger 5th wave up already.
Price is in the process of completing an impulse wave 1 on small degree to above 535. A subsequent decline would set up a nice bullish opportunity.
Buy : 450 – 480
Stop Loss : Below 399
Target : Above 608