Honasa Consumer Ltd - Positional Trade

Date: 8-May-2024
Rating: Buy - Positional Trade
LTP: Rs. 430.45
Targets: (1) Rs. 475 --> (2) Rs. 511 --> (3) Rs. 605
SL: Rs. 390 on daily close basis

Technical View:
• HONASA is in its primary uptrend since it's listing in Nov-2023 and was recently going through it's secondary downtrend.
• After touching the high of 511 on 23-Jan-2024, it has retraced 30% to 357.35 level.
• On 1-Apr-2024, HONASA has broke out from its secondary down trend. After re-testing and touching the down trend line, it started the upward journey from 19-Apr-2024.
• HONASA is trading above 20 DMA, 50 DMA and 21 DEMA since 22-Apr-2024.
• RSI is trading at 59.97 and MACD is trading at 7.71.
• Looking strong from here on.

Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.