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MAITHAN ALLOYS LTD.MAITHAN ALLOYS LTD.MAITHAN ALLOYS LTD.

MAITHAN ALLOYS LTD.

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MAITHANALL trade ideas

MAITHAN ALLOYS LTD (ACCUMULATE)Sector: Ferro Manganese/ Industry: Ferro & Silica Manganese Market Cap: 3,214.79 Cr. / Category: Small Cap Current Price: 1096.75/- Target Price: 1279, 1301.2/- Stop loss: 998.6 Ticker: NSE: MAITHANALL Recommendation: BUY (Buy Around 1053 – 1049) Date: 29/11/2023 Elliott Wave Theory Outlook – Maithan Alloys, Buying the Dips around 1053 – 1049 zone. November 29, 2023 By Dinesh Naidu In this technical research analysis we’re going to take a quick look at the Elliott wave chart of Maithan Alloys ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favouring the long side. Recently we are in corrective structure in a smaller time frame. In the further text we are going to explain the Elliott Wave Forecast and trading strategy. The stock is giving us wave (ii)) pull back that is unfolding as a Zigzag pattern in a smaller time frame. The price might reach extreme zone at 1053 - 1049. We don’t recommend selling the stock and prefer the long side from the 61.8 & 78.6% Fib levels. As the main trend is bullish, we expect to see at least 3 waves bounce from our buying zone. Once bounce reaches 61.8% Fib against the (wave 3) high, we will make long position risk free (put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 998.6 Momentum & Trend Indicators: Indicator Value Zone Relative Strength Index 59.19 Neutral Rate of Change 7.11 Positive Stochastic %K 72.01 Neutral MACD 13.23 Positive Disclaimer: I am not a SEBI registered Research Analyst. The information provided here is for education purpose only. I will not be responsible for any of your Profit/Loss with this recommendation. Consult your financial advisor before taking any decisions. Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you or not.
NSE:MAITHANALLLong
by Dino_Naidu
Maithan Alloys Ltd.Fundamentals: Company PE- 3 < Industry PE -15.6, FII increasing its stake quaterly since jun2021(0.32 to 0.67 to 1.02 to 2.54), DII too increasing stake since sep 2021(0.48 to 0.51 to 0.62), almost Debt free with 74.99 promoters holding. Technicals: Forming cup & handle pattern , cup is perfectly formed n now it is at channel bottom getting ready to form handle. If we take only handle formation target it is almost double from current level(1750). Currently at a level for perfect entry with good Risk Reward. Once handle is formed and breaks out 1st target comes around 3500-3600 (approximately, as handle is not formed and taken hypothetical handle breakout target), and 2nd big target is cups depth which comes around 7000level, where it would also touch channel's top. As per previous time analysis time horizon could be 2-3 years.
NSE:MAITHANALLLong
by praveshk2