Alok industries has been ìn a downtrend since Jan 2024.
On weekly chart, it took strong support on 50 EMA around 25 levels and gave a good breakout with volume in third week of Aug 2024.
However. the breakout was not supported well.
The pullback was strong enough and again reached below 25 levels.
In the last few sessions, it has renounced to previous levels of 27 with good volume.
For the script to remain bullish, 20 EMA (Black line) has to cross above the 50 EMA (Orange line) with good volume.
Resistance levels: 29, 32, 35, 38
Support levels: 25, 23
Pros:
On weekly chart, it took strong support on 50 EMA around 25 levels and gave a good breakout with volume in third week of Aug 2024.
However. the breakout was not supported well.
The pullback was strong enough and again reached below 25 levels.
In the last few sessions, it has renounced to previous levels of 27 with good volume.
For the script to remain bullish, 20 EMA (Black line) has to cross above the 50 EMA (Orange line) with good volume.
Resistance levels: 29, 32, 35, 38
Support levels: 25, 23
Pros:
- MACD Crossover Above Signal Line.
- Increasing profits every quarter for the past 2 quarters.
- Company with Zero Promoter Pledge.
- FII / FPI or Institutions increasing their shareholding.
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