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Alokindustry

Alok Industries - Strong Breakout Hello Everyone, Let's have a look at the technical weekly chart of Alok Industries, you can see that Alok Industries has given a range breakout above 26.50 with strong volume. Alok Industries stock was trading in the range of 19-26 for almost a year and now given break out. Today also the stock has hit a low of 25.25 and with strong price action made a comeback and recorded a high of 31.70 and at the end of day closed at 31.05 with strong volume of 18.50 crores in a day. The price action with strong volume in Alok Industries shows that initially it will try to attend the 40.30 levels on cards and may consolidate near 40 levels before taking a next move. However it looks like the stock is ready for strong move and probability of breaking the previous highs of 61.40 is visible. The company is taken over by Reliance Industries and JM Financial Asset Reconstruction Co. Reliance is the sole owner of the company and JMFARC is acting as a trusty of the company with a joint total holding of 75% . Reliance Industries also holding 250 crores OCPS (Optionally Convertible Preferential Shares) which they can convert within 18 months from the date of implementation of resolution plan or can keep up to 10th anniversary. Further detailed information will be updated later on the part of OCPS. The company during the take over by Reliance Industries was operating with 25-30% capacity and gradually they are working on the increase in capacity utilization of the company which can be seen from the 4th quarter results of the company. So going forward the company is likely to perform well and hence it is a long term growth story. The information updated here is only for Educational Purpose and not a recommendation to Buy or Sell, please consult your financial advisor before taking any decision.
NSE:ALOKINDSLong
by ssveducation