Simple Price Action analysis.
Breakout from a flag pattern.
The stock could just keep climbing hereon or there could be a small dip on account of the round bottom formation (CUP).
If there is a pull back then a Cup and Handle Pattern would be in formation .
Either case the breakout level is 2380.
After the recent correction, the stock has now turned tides.
Awaiting a breakout of the falling channel.
MACD also looks set for a positive crossover.
Usually , technical analysts recommend buy on horizontal breakouts but when there are more factors to suggest an up move right at the bottom, it is worth taking a risk of 30% of your planned investment in a stock.
After a long uptrend, there has been a good consolidation in turn forming a Pole Pennant Pattern.
There has been 4 unsuccessful attempts to breakout past 1280 and with many indexes gearing up for an up move, so shall the IT midcap index and MASTEK looks one of the front runners in this space.
After the Bearish Divergence the stock corrected from 1620 to 1210 and now we see a Bullish Divergence formed at the bottom of the Parallel Channel.
A Symmetric Triangle is also formed and a breakout on the upper side is very likely.
The relative strength also is turning positive again against its Index.
If all goes well the minimum targets as suggested should...
The Relative Strength is better than its market leader Havells India.
Awaiting a Multi year Breakout.
Inverse Head and Shoulders Pattern is formed and travelling in a Parallel Channel.
Very Low risk but the Reward could be very High.
Market Cap ₹ 9,520 Cr.
Stock P/E 7.41 Vs Industry PE 21.2
ROCE 10.2 %
ROE 13.8 %
OPM 5Year avg 87.4 %
Promoter holding 22.5 % (negative)
Pledged percentage 0 %
Debt to equity 4.58
Intrinsic Value ₹ 1,173
Best of all is at current price
Dividend Yield 15.1 % and it consistently paysout dividend.
Technically bullish divergence Spotted. After the breakout...