Stock has made small, considerable morning star pattern on daily chart...with the results to be declared in next week, one can consider going long with SL 103 on daily CB with initial target of 120 and above
Descending Triangle forming on Daily Chart of BIRLACABLE. Above 123-25 -> 143-47, 160, 175. Support 104, 95, 85, 82-3, 74-5. Volume is low since the last High Volume Candle. Today it bounced back from 104.30. I'm learning chart patterns as of now. You can plan your trades accordingly if you know how to trade these patterns.
Birla Cable has an operating revenue of Rs. 328.52 Cr. on a trailing 12-month basis. Annual revenue growth of 47% is outstanding, Pre-tax margin of 3% needs improvement, ROE of 4% is fair but needs improvement. The company has a reasonable debt to equity of 10%, which signals a healthy balance sheet.
BUY BIRLACABLE CMP: 89.50 SL: 50 TARGETS: 135/160+ 90 days to 200 days view
Looks good for mid term investment at current price
Good buying transactions, just above POC (Point of Control)
Sharp upside momentum expected from this level
Has finally given a breakout after months of consolidations preceded by year-long free fall. 200 Moving Average was at 81 levels which was acting as a small resistance along with a resistance at 83.20 level. Can go long for a target of 120.
Birla Cable Ltd. engages in the provision of telecommunication cables. Its products include fibre optic cables, specialty cables, and telecom fibre accessories. The company was founded on June 30, 1992 and is headquartered in Rewa, India.