Sundaram Finance

• 30 May, 2024 Ruchit Thakur

Sundaram Finance

Sundaram Finance sees a fresh upward trend and is prepared for the next stage of the rise.

Sundaram Finance provides a good opportunity to enter the market at the current price, with a significant upside potential.

Please see Sundaram Finance's daily chart. The stock is trading just above the horizontal resistance after just surpassing its prior swing high of 280-282. The probable upside range is 340 to 360, which corresponds to an Ascending Triangle pattern goal. 

• Sundaram Finance is a fantastic long-term investment opportunity because it has broken out of the ascending triangle pattern and is on the rise.
• Sundaram Finance is in strong demand between 275 and 280, with additional growth potential between 340 and 360.
• At the current market price, the risk-to-reward ratio is optimal for beginning a long-term investment.

Please see the accompanying Sundaram Finance Chart for reference. The daily chart shows an ascending triangle pattern breakout, with support at 270-275 levels. The breakout will occur above the 280-282 zone and may extend to the 340 and 360 zones, respectively. On the downside, purchase the stock on dips until it reaches the 260-265 level.

Please take a look at the ascending triangle pattern, which has been active since the first week of March and is currently causing a breakout. So far, the stock has continued the trend, breaking out of the 280-282 zone. One can look for a long opportunity in the current zone because the stock is seeing demand between 280 and 282, and the stop loss is around 255, indicating a good risk-reward ratio.

Ascending Triangle Pattern: A chart pattern used in technical analysis. It is formed by price movements that allow a horizontal line to be drawn along the swing highs and a rising trend line along the swing lows.

Investors might enter the spot market at the current market price and set a stop loss at 255 to achieve price goals of 340 and 360.

Sundaram Finance's daily chart shows support and resistance. The spot chart represents all levels. 

Company Profile: Sundaram Finance Holdings primarily provides investment, business processing, and support services. It has a 100% subsidiary that is an outsourcing company that provides various support services to large and mid-sized businesses in and outside India.