Walchandnagar Ind - Long Long on Walchandnagar, reversal in place and breaking out of range with huge volumes
Walchandnagar
WALCHANDNAGAR Symmetrical triangleIn monthly Timeframe WALCHANNAG can be seen forming symmetrical triangle pattern
If it breaks the triangle upwards then we can see good move upwards from 76-78
If it breaks down from triangle then we will see bearish treand in WALCHANNAG from 52.
Disclamer:
This analysis is for educational purpose only.
This is not a financial advice. Do your own research.
Walchandnagar Industries waking up from slumber. Walchandnagar Industries Ltd. is a Heavy Engineering company which has its operations in Engineering, Fabrication and manufacturing for Sugar plants, Industrial and Marine gears, Defense, Aerospace, Nuclear power, Railway etc. Its CMP is 65.7.
The negatives of the company are that they have high promoter pledge, decline in quarterly net profits and book value per share is deteriorating.
The positive of Walchandnagar are that they have improving net cash flow, return on capital employed (ROCE) And return on equity (ROE) increasing.
Entry can be taken after losing over 68 levels. Target will be 71.8 and 75.9. Long term target can be 85 in this stock. Stop loss in the company can be maintained at closing below 57.
Educational Purpose / For Paper Trading only.
Short Walchandnagar CMP 56.95Trade for 17/09/2021, It has formed an inverted cup and handle, a chance for gain through short, price might go down for correction for few more days.
