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Mishra Dhatu Nigam Technical Analysis #64: Buy | Target Rs 140 | Arijit Banerjee


Buy Range124 – 127
Target140 – 143
Duration20 – 25 Trading Sessions
Potential Return^10 – 13%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
127.05BUY124 – 127140 – 14312020 – 25 Trading Sessions10 – 13%

# CMP on June 25, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 134.
^ The returns are calculated based on CMP#


Mishra Dhatu Nigam Ltd is engaged in development, manufacture and supply of critical alloys of superalloys, titanium, special purpose steel, and other special metals. These are high value products which cater to niche end user segments such as defence, space and power. The company has achieved the status of Mini Ratna, Category-I company in 2009.

Stock Data
Sectoral IndexNIFTY METAL
52W High160.9
52W Low100.2
Face Value10
Relative Performance_Mishra Dhatu Nigam vs Nifty Metal Index


  • In the Daily chart, the medium-term trend is positive since October 2018. There is a steady support baseline which is moving upwards along with price rise.
  • The recent lows around 123 also correspond to previous intermediate lows which were tested previously, thereby making it strong support.
  • Follow the last 4 days candlestick pattern as zooming in through the magnifying glass in the chart. There are a doji and bullish engulfing candlestick formation in the chart. Normally this type of candlestick suggests a probable bullish reversal.
Mishra Dhatu Nigam Daily Chart
Mishra Dhatu Nigam Daily Chart


1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.


This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.


The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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