Man Industries : Breakout Candidate
#Maninds : #Breakout Candidate
>> Range Breakout + Retest done
>> Decent Valuation Stock
>> Trending Setup
>> Flag Structure Visible
>> Low Risk High Reward Trade
Swing Traders can Lock profit at 10% and keep trailing
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Disclaimer : This is not a Trade Recommendations & Charts/ stocks Mentioned are for Learning/Educational Purpose. Do your Own Analysis before Taking positions.
MANINDS
MANINDS | Multiyear Breakout📊 DETAILS
Sector: Construction - Infrastructure
Mkt Cap: 1,657 cr
Man Industries Ltd. is one of the largest Manufacturers and Exporters of LSAW and HSAW pipes in India with a total installed capacity of 1 million tonnes. The company is among leading manufacturer of large diameter pipes with 3 Decades of presence in Pipe
Industry.
TTM PE : 14.61 (High PE)
Sector PE : 38.28
Beta : 0.68
📚 INSIGHTS
Strong Performer
Stock with consistent financial performance, quality management, and strong technical momentum indicating good investor enthusiasm. Currently valued at Good to expensive valuation
4.70% away from 52 week high
Outperformer - Man Industries (India) up by 13.52% v/s NIFTY 50 up by 8.03% in last 1 month
📈 FINANCIALS
Piotroski Score of 7/9 indicates Strong Financials
Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
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MANINDS - Weekly Chart AnalysisOn a monthly timeframe it's a multiyear breakout. On a weekly timeframe from May2023 it was struggling to sustain above the 147.10 levels. This week though it has managed to sustain above and also closed above its crucial resistance of 178. Now 138-162.50 levels (also swing low) shall act as a support for further move upwards. So this should be an ideal Stoploss levels.
Volumes are very good on monthly as well as weekly timeframe. Price is sailing above its key moving averages.
As off now it has not breached the ATH levels(229-240). So that shall be considered as 1st target as selling pressure shall be seen around these levels.
As per the trend based fib 219, 260 & 375 levels can be tested in future.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
Man Industry base formation doneChart -> Man Industry Weekly
A good base has been broken out with a good candle and volume build-ups.
CMP: 105
Good Range: 95 to 105
Target: 113, 120 and 133
SL: 92 Weekly Close
Disclaimer: This is for educational purposes only, not any recommendations to buy or sell. As I am not SEBI registered, please consult your financial advisor before taking any action.
MANINDS - Man Industries NSE - is a Buy at CMPA friend of mine recommended MANINDS (NSE) at around Rs.133. Since his recommendation, it has gone down to Rs.126.55. But still he is confident that the stock will bounce back.
Yesterday this stock and found that it is in bullish mode. Bollinger Bands & MACD indicate that it will bounce from current level. GANN square confirms as well.
Normally I am long term investor, I don't go for short term trading. However, I wanted to try this stock for a short term trading and check if my methodalogy works?
Please share your point of view in your comments. I will be betting small amount (say 100 shares) on Monday, with Stoploss at 118 & target at 160 to 200.