Atul Limited – A strong fundamental company about to breakout.
-> A consistent performer fundamentally with profit growth of 50% over 10 years and ROE/ROC in high 20s.
-> The stock has seen a consolidation for last 12-15 months making a huge cup and handle pattern.
-> We can expect a breakout above 480 in coming months.
->Current consolidation in the range of 410-440 is a good time to accumulate the stock and add more positions on a breakout above 480.
-> A medium to long term target of 550-600 ++. Stoploss 390.
This stock was covered in our report Technical Trades – April 2014.
The stock has moved up from 440 to 470 but the momentum breakout can be seen above 480. The cup and handle target price would project a much higher target but we can look towards 550-600.
Investors can look to accumulate the stock with a medium term view at 440-470.
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