Technical Analysis of Indian Equities by Nooresh

Strong Trends–Welspun Corp, Tata Global, Sudarshan Chemicals, BEML, Petronet Lng

Some of the strong breakouts which could give a good 10-50% move over the medium term. Lot of these stocks have tested the resistance quite a few times. In such cases the breakout moves can be large and the risk-reward very attractive.

Disclosure – Please do your own research. We have vested interests. Do read the disclaimer.

Welspun Corp

This is a personal favorite and recommended to clients for medium to long term.

Technical View

  • 4th attempt at the 150 mark.
  • Good base made at 100-120 with multiple bottoms.
  • Once crosses and sustains 165-170 could head up to 250-300.

Fundamental View

At 4000 cr market cap with net debt now below 200 cr and looking at 1000-1200 cr ebidta for the current financial year looks very interesting for a re-rating. Net cash by end of the year with the Plate Coil division deal money and cash flow from operations. The concalls and investor presentation should help in researching - https://www.bseindia.com/xml-data/corpfiling/AttachHis/55a450c9-d5a0-4caf-96d3-433102504758.pdf 

Welspun Corp

Tata Global

  • 4 attempts at the 285-290 mark.
  • Good base made with 4 bottoms and now higher bottoms and sustaining at 280s.
  • A breakout move beyond 290 could take it to all time highs and beyond. Stoploss at 280 makes it an excellent risk-reward.

Tata Global

Sudarshan Chemicals

  • The stock was on radar in this post
  • Sustaining above the breakout and good volume action seen.
  • Can see a move to 550-600 in medium term.
  • Stoploss 370.

Sudarshan Chemicals

BEML

  • Quite a few attempts at 1000-1050.
  • Multiple bottoms around 700-750.
  • Can it head up to 1300.
  • A privatization candidate.

BEML

Petronet Lng

  • A breakout and a retest done and now knocking at all time highs. ( not considering the big candle in between)
  • Could this be a start of a steady move to 350-400.

Petronet Lng

Had this free flowing conversation with Vivek Bajaj - Founder StockEdge and Elearnmarkets.com After a long time a public chat in Hindi. Would love your comments and feedback

Youtube Video Link - https://www.youtube.com/watch?v=LvTSUsW4Roc&t=888s 

Technical Analysis Training Mumbai ( tentative)  – 30th November 1st December 2019.

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DISCLOSURE Nooresh Merani

Securities covered above:  All mentioned in the above post

SEBI Registration disclosure - Investment Adviser ( INA000002991)

Financial Interest:

Nooresh Merani and his family/associates/ analysts would not have exposure in the securities mentioned in the above report/article.

Nooresh Merani and his family/associates/ analysts do not have any financial interest/beneficial ownership of more than 1% in the company covered by Analyst.

Nooresh Merani and his family/associates/ analysts have not received any compensation from the company/third party covered in the above report/article ever.

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The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision

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Article by Nooresh Merani

Nooresh has written 2754 articles.

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