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Eleconenginerring

Unlocking Potential: A Deep Dive into Elecon Engineering's ChartWelcome to today's analysis of NSE:ELECON , where we explore a compelling trading scenario fuelled by recent stock activities. 📊 The Breakout Story Elecon Engineering hit a record high in its previous Friday trading session, breaking past its former resistance with impressive volume. The surge was marked by a robust breakout candle, signalling strong buyer interest. Following this significant high, the stock opened the today with a sizeable gap up. Interestingly, the subsequent movement saw the stock retrace downwards on notably lower volumes. This behavior is typically indicative of a 'retest' of the breakout level. The retest scenario presents a potential buying opportunity at a specific demand zone identified on the 15-minute timeframe. This strategy focuses on the Rally-Base-Rally pattern, suggesting a tactical entry around 1130. 📈 Strategic Trade Setup Entry Point: The proposed entry is at the Rally-Base-Rally demand zone, calculated around the 1130 level. Stop Loss: A stop loss is advised at a 3% decrease from the entry point to limit potential downside. Profit Target: The initial target for taking profits is set at a 10% gain from the entry level, offering a risk-reward ratio of over 1:3. Management Strategy: To maximize gains, a trailing stop loss is recommended, which allows profits to run while safeguarding against sudden downturns. 📉 Recent Financial Highlights Elecon Engineering has recently announced its consolidated financial results for the quarter ending March 2024: Net Sales: Rs. 564.62 crore, a surge of 32.99% compared to Rs. 424.54 crore in March 2023. Net Profit: Rs. 103.65 crore, up 52.55% from Rs. 67.95 crore in the same quarter last year. EBITDA: Rs. 148.40 crore, reflecting a growth of 47.43% from Rs. 100.66 crore in March 2023. These financial metrics not only reflect a robust growth trajectory but also bolster the stock’s attractiveness in the eyes of potential investors and traders. Lastly, Thank you for your support, your likes & comments. Feel free to ask if you have questions. 🌟 “Every day is a new opportunity to reach that goal.” 🌟 This analysis is purely for educational purposes and does not constitute a trading or investment recommendation. Please note that I am not a SEBI registered analyst.
ELong
by AfnanTAjuddin
Daily Bullish Flag Pattern BO in ELECON ENGGIntroduction: Elecon Engineering Company Ltd. was established in the year 1951 as The Pioneers in the manufacturing of Industrial Geared motors and Reducers, Material Handling Equipment, Mining equipment, casting processes etc. Elecon is one of the largest manufacturers of Industrial Gears in Asia and Material Handling Equipments. The expertise in the successful production of custom gearboxes for steel mills, high-speed turbines, naval aircraft carriers, and many growth sector industries is increased by Elecon's acquisition of Benzlers- Radicon Group from David Brown Gear Systems in 2010. A unit of Elecon Engineering Company Ltd. which is also the 3rd largest Material Handling solutions company in the country along with in-house design, manufacturing, fabrication, component manufacturing, and support system in a Vertically Integrated Model. First in India to manufacture sophisticated equipment for bulk Material Handling and a product range that caters to almost every Industrial sector in India. Analysis A Bullish Flag and Pole pattern is visible on the Daily chart of $NSE:ELECON.The Flag and Pole pattern is a bullish continuation pattern and it is visible in charts after a meaningful appreciation in the price. MACD gave Positive crossover on Daily, Weekly and Monthly chart. So, expecting the momentum to continue. One can create a fresh position in the scrip near Rs. 936-956 levels with the stoploss of Rs. 885.15 on Daily closing basis for the following targets 970.15, 989.65,1012.35 1035.45 1060.10 1081.95 1101.85 and 1123.95 Risk Disclaimer: The trading ideas and analyses presented here are for educational purposes only and do not constitute financial advice. Trading and investing in financial markets involve risk. You should carefully consider your own financial situation, risk tolerance, and investment objectives before making any investment decisions. The information provided in this analysis is based on my personal interpretation of market conditions and the available data at the time of writing. It is subject to change without notice, and I cannot guarantee the accuracy, completeness, or timeliness of the information provided. Trading and investing carry the risk of substantial losses, and past performance is not indicative of future results. Always be aware that markets can be unpredictable, and prices may move against your trade or investment. It is advisable to seek advice from a qualified financial professional and to conduct your own research before making any investment decisions. You should only invest funds that you can afford to lose. I am not responsible for any trades or investments made based on the information presented in this analysis. By reading and using this information, you acknowledge and accept that you are solely responsible for any losses you may incur.
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by raigvivek
ELECON - Ichimoku Bullish Breakout Stock Name - Elecon Engineering Company Limited Ichimoku Cloud Setup : 1). Today's close is above the Conversion Line 2). Future Kumo is Turning Bullish 3). Chikou span is slanting upwards All these parameters are showing bullishness at Current Market Price and more bullishness AFTER crossing 440 #This is not Buy and Sell recommendation to any one. This is for education purpose and a helping hand to learn trading in Market. # Cloud Trading # Ichimoku Cloud # Ichimoku Followers I hope you all like my analysis. Please do share your thoughts into comment section. Please give a like, it motivates me to do analysis.
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by nikunjbhadja
Elecon Engineering... forms bearish flag patternAfter making a high of 415, the stock has shown weakness. Currently, I can see formation of bearish flag pattern, which is a continuation pattern. Can expect further correction in the stock price. Another important thing to note is that the stock price is below the 50 day moving average. For any positive up-move, will wait for the price to move above the 50 day moving average. Further downside can take the price to around 300 levels, which is an important support zone. Not a buy/sell recommendation. Please consult your financial advisor.
EShort
by TheUnlearningOne
1
Elecon Engineering is looking strong during this correctionAfter breakout above 210, the stock is in a consolidation zone, with price retracement along the 21 day EMA. Expect price to move up after crossing the 270 level. Stock is in an uptrend and above key moving averages, with a strong relative strength and volume activity. Always keep your stop-loss defined before you initiate a trade. Note: This is a personal analysis of a scrip, not a buy/sell recommendation
ELong
by TheUnlearningOne
11
'ELECON' ready to switch 'ON' 💡💡 !!!!On daily basis, 'Elecon' has given a breakout from an inverted head and shoulder pattern which was under construction since November with buzzing volumes. On weekly basis, a breakout of cup and handle pattern is visible with rising RSI also RSI has breached above 60 which is a positive sign. On monthly basis, a breakout of 'N' pattern is visible which signifies the strength i.e. after retracement it is still giving a breakout. Here, RSI took support at 60 and witnessed the breakout. NOTE:- the only sign of caution is that spinning top is visible and RSI has reached resistance level on daily charts, also dividend is pending, so there is a chance of retracement on daily basis hence, try to accumulate near breakout level.
ELong
by Chaser30