I dont think it’s in stage 3. It looks like stage 2 is still intact with a routine correction.
check out the weekly and daily charts. The trend line I have drawn are intact and haven’t been broken yet
Moreover, the fundamentals and the guidance look bullish and I dont think there is much to worry about.
A concern could be that margins might suppressed due to faster increase of staff costs in the coming quarter.I personally think that should lead to some consolidation at best but lets see its just a guess.
Technical analysis fails when we try to be precise. If my trend line is at 100 and it goes to 99 that does not mean it’s a bearish trend now. It is best when used to understand the general trend of the theme or stock and atm Nuvama seems to be in the same trend.
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