Kansai Nerolac Analysis

Kansai Nerolac Analysis. As on 2 Nov 2019. CMP 537

On the daily chart, wave 5 appears extended and so does wave 5 of 5.  We cannot rule out small new highs above 572, but the next significant move should be a decline to the 450 Р460 level.

This also offers a bullish opportunity given the preceding 5 wave impulse.

Buy : 450 – 460

Stop Loss : Below 399

Target : Above 572, and likely above 608.

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