Stock has been consolidating from past one year after a giving a strong rally of more than 150%. On 25/01/23 stock has finally given breakout from its downtrend. Price level of 480-500 may act as immediate resistance for the stock. Major support lies between 400-410 in case price retraces in to previous channel. If price manages to close above this level, we can expect a decent rally in coming days. All the possible targets are marked on the chart. Maintain stop loss at 380.
About Fundamentals of the company, SonaBLW Precision Forgings Limited designs, manufactures, and supplies systems and components for the automotive industry in India and internationally. Recently the company has agreed to acquire 54% stake in Novelic Doo-Beograd-zvezdara for €40.5 million on January 9, 2023, will Complements its focus in the EV space and provides an option to scale the business and develop adjacency in conjunction.
This is just a view, not recommendation to trade. Do your own analysis before making any investment.
Do like and share this idea and share your opinion in the comment section.
SONACOMS
About Fundamentals of the company, SonaBLW Precision Forgings Limited designs, manufactures, and supplies systems and components for the automotive industry in India and internationally. Recently the company has agreed to acquire 54% stake in Novelic Doo-Beograd-zvezdara for €40.5 million on January 9, 2023, will Complements its focus in the EV space and provides an option to scale the business and develop adjacency in conjunction.
This is just a view, not recommendation to trade. Do your own analysis before making any investment.
Do like and share this idea and share your opinion in the comment section.
SONACOMS