Technical Stock Calls on Texmaco Rail & Engineering Ltd by Bharat K Gala – Head of Technical - Ventura
Nifty & Bank Spot – Pivot Levels
Texmaco Rail & Engineering Ltd – Technical Stock Call
Sector: Capital Goods - Railways & Engineering (INE621L01012)
About: Texmaco Rail & Engineering Ltd. is one of India's leading railway rolling stock and rail infrastructure companies, engaged in manufacturing freight wagons, metro & railway components, steel castings, bridges, and rail EPC projects. Founded in 1939 and headquartered in Kolkata, it is the flagship railway engineering company of the Adventz Group.
View – Short Term Bullish
The stock commenced its downtrend from 142.60 (DEC 25).
Stock breached 200 SMA & thereafter, traded below the averages marking a low of 78.05 (MAR 26).
Later, buying emerged & the stock commenced its up move reaching a high of 130.75 (MAY 26), but faced resistance in that area & entered into a consolidation zone. However, the stock traded into a narrow range between 130.75 - 102.10 during the period MAY 26_AUG 26, seeking trend direction.
Recently, after forming higher bottoms the stock has given a Symmetrical Triangle Breakout supported by volume reaching to a high of 126.65 (SEP 26), which is higher than the previous swing highs of 123.90 (SEP 26).
MACD, KST, RSI & Aroon indicators suggest Positive crossover.
Target of 165 is expected with lower support levels at (120-116)-(111-107) in case of intermediate fall.
A stop loss at 102 is to be followed for the trade.
All the calls/opinions are subject to Disclosures and Disclaimer http://goo.gl/8bCMyQ
SMS subject to Disclosures and Disclaimer goo.gl/8bCMyQ
SEBI Registration No.: INH000001634
