It is is engaged in the manufacturing of value-added secondary steel products like Cold Rolled Sheets, Galvanised Corrugated Sheets.
Market Cap 608 Cr
ROCE 6.37%
InstHold 0.88%
Growth YOY
Sales 6%
PAT 261%
Longerterm Consolidation Breakout with Volume.
Metal sector bein in an uptrend, this stock with a massive upside potential has given a breakout of a beautiful Cup & Handle pattern on Monthly timeframe. Wait for the candle to close and then start accumulating. It has also witnessed highest volumes ever since IPO
Stock name: Manaksia Steels Ltd
Stop loss: 40
A probable classic VCP structure. Successful closure over the resistance/supply zone 49-54 on good volumes.
49-54 shall act as main support zone, but 64 will also act as a minor support from hereon.
Weekly close and follow through below it shall invalidate our view.
On the upper side, 87 - 103 - 123 - 135 levels can be tested over the long term in future. ...
India having huge infrastructure project in modi government so we have to focus on steel related stock on of this stock
All breakout discuss in chart
Multi years breakout in chart
MANAKSTEEL
1) Time Frame - Weekly.
2) Previous Life Time High was 64. It has been consolidating in a triangle pattern since 2022 & given a breakout in weekly time frame currently.
3) It's a Triangle pattern & All Time High breakout with strong bullish candle & Good volume.
4) Stock will find its next resistance around the price 80 (17%).
5) Recommendation - Strong Buy
Manaksteel has give a multiyear breakout and is expected to rise at least 20%. It was taking support of a trend link from recent weeks and also it had a resistance at Rs 52 which it had break with a huge volume and now can be expected to give a good rally in the market . Lets see what happens next
Fundamentals
Very Less Free flot
Attractive Valuations backed by
Increasing Sales & PAT
Available at 50% Discount
Technicals
Cup and Handle formation in Monthly Chart, More Upside above Neckline BREAKOUT
Disclaimer - shared for education purpose only, I am not Sebi Registered Analyst, infact I am not ANALYST, DYOR Before Investing
MANAKSTEEL - Short-term trade
Stock near year High and likely to make new high supported with good volume
Buy above 53 | Tgt 58, 64 | sl 47
It is my view, trade on your own analysis
📌Symmetrical Triangle Pattern Setup
✅Keep an Eye
MANAKSTEEL
- Good Consolidation at the resistance
- Volume and Volatility contraction
- Above Key EMAs
- Bullish RSI
BUY - MANAKSIA STEELS LTD
CMP - Rs. 39
Target - 1: Rs. 52
Target - 2: Rs. 63
Target - 3: Rs. 85
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Technical - Bullish Symmetrical Triangle Pattern
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This is just a view by an expert analyst, please invest at your own risk.
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Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before...
MANAKSTEEL near 38-42 levels consolidated nearly 1 year.
Showing some signs of a breakout with increasing volume.
Entry - Strong Close above 44
Target - 54.50/58.50/63.50
SL - 39
Study the stock & Trade responsibly.
