On the Technicals,
1) During 2018, stock had reached its All time high and from thereon, it started declining and took 3.6 yrs (appx) to reach ATH again (formed U shape pattern)
2) And a Distribution range from ATH was formed for another 8 - 9 months till Feb'22 just to break down
3) Following that, price started accumulating from Mar'22 to Jul'23 and had given a break out (which also seems like a contracted U shape pattern than the earlier one pt.1)
4) Though it was not a strong BO in weekly time frame but it is sustaining above the trendline for 8 weeks except couple of weeks
5) This stock could have a Stop loss of minimum 6.5% to a maximum of 9.5% and with a target more than 25% & above to reach ATH by completing U shape pattern
On the Fundamentals, (as per Moneycontrol & Screener)
1) Promoters have reduced their stake around 3% last FY but DII slightly increased their stake
2) Though company had shown considerable improvement from third quarter of last FY; however, there was a slight decrease in Net profit for previous quarter (Q1 of current FY)
3) Reserves improving and borrowings coming down
4) PE/PB higher than Industry PE/PB
I observed and highlighted some of the important points by going through technical & fundamental aspects for discussion.
Please highlight if any mistake in the above and share any important point missed out so that i would be enlightening myself in the process of analysis.
1) During 2018, stock had reached its All time high and from thereon, it started declining and took 3.6 yrs (appx) to reach ATH again (formed U shape pattern)
2) And a Distribution range from ATH was formed for another 8 - 9 months till Feb'22 just to break down
3) Following that, price started accumulating from Mar'22 to Jul'23 and had given a break out (which also seems like a contracted U shape pattern than the earlier one pt.1)
4) Though it was not a strong BO in weekly time frame but it is sustaining above the trendline for 8 weeks except couple of weeks
5) This stock could have a Stop loss of minimum 6.5% to a maximum of 9.5% and with a target more than 25% & above to reach ATH by completing U shape pattern
On the Fundamentals, (as per Moneycontrol & Screener)
1) Promoters have reduced their stake around 3% last FY but DII slightly increased their stake
2) Though company had shown considerable improvement from third quarter of last FY; however, there was a slight decrease in Net profit for previous quarter (Q1 of current FY)
3) Reserves improving and borrowings coming down
4) PE/PB higher than Industry PE/PB
I observed and highlighted some of the important points by going through technical & fundamental aspects for discussion.
Please highlight if any mistake in the above and share any important point missed out so that i would be enlightening myself in the process of analysis.
