While we have all along been maintaining that SPEL is a good stock fundamentally, in the recent past some technical trends are visible (though I am not a great fan of technical analysis).
The stock saw a bottom of around 16.50 or so and was stuck at around 17 levels. There was accumulation. For the past several days, the stock is hovering around the levels of 21 to 22.50 and accumulation (more than 70 percent delivery based buying)is going on. This is a plateau like formation around these levels. This may be called by some as CONSOLIDATION.
There is limited downside left and if the overall market sentiments remain even slightly positive, we are in for good times ahead. It is always advisable to see the delivery percentage on a daily basis and in my opinion it is showing positive signals in SPEL's case.
Let us wait for the outcome of board meeting on 8th May.
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0.35 1.52%
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