Latest Insights
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Titan Company’s net profit for Q3 trimmed to 3%, missing the market expectations while comparing it with its profits from last year. While the net sales grew marginally the stock downhill in red in the end of 2022. Titan being favourite of investors, they should now be caution as a negative divergence in MACD could propel the price to trigger the stock to its previous low. Recovery could only be seen once new innovative products gets launched contributing to its wearable space.
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Market continues to be shell shocked by the fierce decline in Adani Ent (and other group stocks) and today it hit an unthinkable 40% down! I don’t believe there is a single Nifty stock that has ever hit 40% limit down.
Be that as it may, it can be seen from the chart that prices hit the 78.6% retracement of the entire advance of the past few years at the 945 mark today. So Fibonacci at work here. Using Gann levels also I find 950 area as a support. the Fib retr is shown in the chart here.
Hence, chances are that it may be trying to bottom here. Those wish to nibble can consider doing but with a clear stop below 950. -
Gold rate climbed to a new life time high of Rs. 58,060 per 10 grams during the amid budget speech as the import duty on gold bars and gold Dore increased. As the gold price in domestic market rose due to the new government proposal and the rally for precious yellow metal may further continue as US Fed officials are also dropping hints to go slow on interest rate hike. Technically, the price broke from it two years ascending triangle following to which an impulsive breakout was seen. Now the prior resistance of 56695 level could act a strong support if the price corrects while presenting a great investment opportunity for the investors.
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Railways saw a nine times jump in budget outlay since 2013-14. The increased outlay came at a time when the railways embarked on ambitious modernization projects that include hydro powered trains, bullets projects, among other. The hike in allocation will help railways realize it’s potential.
As for the last 3 years IRCTC was seen to be the most volatile on contrary CONCOR was the least. Along with RVNL and IRFC were seen having a steady positive rally. Further, IRCTC saw an impulsive up move after covid wave 1 but wave 2 made the stock price to correct and make it lose half of its gains whereas all the other stocks were seen actively making new highs.
Following this allocation, the budget shall play its role not only in manufacturing but also help in expanding its infrastructure in future. -
Coal India Q3 results flourish as major profit was generated over an E-auction sale of 14.65 million tonnes (mt) while helping the net sales grow by 25%. Further a 700 metric tonne production is targeted of FY23. It has also set up 12,000 crore power plant in Odisha. As the price is on a steady positive rally respecting its channel, while making higher highs, an important support at 217 levels may act a vital zone for the stock to rally and reach up to 270 levels. As the budget unfolds current price might be a good entry for the investors to benefit from the rally.
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