|Buy Range||515 – 530|
|Target||560 – 570|
|Duration||12 – 15 Trading Sessions|
|Potential Return^||4 – 6%|
|CP#||Idea||Buy Range||Target||StopLoss*||Duration||Potential Return^|
|536.05||BUY||515 – 530||560 – 570||500||12 – 15 Trading Sessions||4 – 6%|
# CP – closing price on Nov 29, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 548.
^ The returns are calculated based on CP#
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Headquartered in Delhi, Kajaria Ceramics Limited is the largest tile and floor manufacturer in India having 8 operational plants and markets its products through Kajaria Eternity World, Kajaria Galaxy, Kajaria Prime Plus Showrooms and other multi-brand dealers. Its production includes ceramic wall, floor tiles, polished vitrified tiles, glazed vitrified tiles, adhesives for ceramics and sanitary ware and faucets. This tile manufacturing company reported a consolidated net profit of Rs 93.07 crore for the quarter ended September 30, 2019, compared to Rs 50.63 crore reported during the corresponding period of 2018-19. Net profit was improved by 84% Y-o-Y.
|Sectoral Index||Nifty 500|
TECHNICAL OBSERVATIONS (WEEKLY)
- As we see in the Weekly chart, the long term trend is positive since October 2018. There is a steady support baseline which is moving upwards along with price rise.
- The recent low of ₹ 507.1 also corresponds to previous intermediate lows on the Uptrend line, which were tested previously as shown in the blue arrow mark, thereby making it strong support.
TECHNICAL OBSERVATIONS (DAILY)
- The stock has posted a decisive close above 5 EMA and 9 EMA crossover on daily charts.
- After the strong breakout rally in Mid-September 2019, the stock has taken Support on the earlier resistance which is around 506. This highlights the change of polarity principle and signals a higher base building process that will act as a launchpad for the next up move.
- The momentum oscillator RSI (14) also gave trendline breakout and moved above 50 mark on the daily time scale, showing strength in the counter. RSI has also formed positive divergence.
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Kajaria Ceramics, the largest tile and floor manufacturer in India has closed above 5 EMA and 9 EMA in the daily chart. Not only that, there are few other factors which consider it a good Buy. The complete step-by-step analysis is here:— Goodluck Capital (@CapitalGoodluck) December 2, 2019