STEEL STRIPS WIRE LTD
SECTOR: -- IT IS ENGAGED IN THE BUSINESS OF
MANUFACTURING STEEL WHEEL RIMS AND ALLOY WHEEL RIMS WHICH ARE USED IN
AUTOMOTIVE VEHICLES .
TTM/EPS;-Rs.14.01 (+13.15%yoy)
TTM/PE:-16.14 /SECTOR PE:-22.99
BOOK VALUE:-Rs.85.75
PRICE TO BOOK VALUE:-2.65
DIVIDEND YIELD:-0.44%
FACE VALUE: - Rs.1/
EQUITY: - 15.69cr.
SHARE HOLDING PATTERN:- PROMOTER—30.70% &
PUBLIC---69.30%(low promoters holding).
All-Time High: -- 299 made on 16.10.2023.
All-Time Low: -- 3.06 made on 2.4.2009.
Recent Low: - 190.55 made on 4.6.2024.
Open-225--High-230.95--Low-223.98—Close-226.22 on 3.7.2024
Support:218.70/217.60/212.30/211.05/206.55/190.55.
Resistance:227/233/237/238.50/243.60/247/250/258/259.20/262.55/273.35/275.85/282.50/286.50/289.80/297.90/299/329/346/366/474.
(Bold and underlined figures are most important)
After hitting an all-time high of 299 on 16.10.2023 it corrected and made a bottom of 190.55 on 4.6.2024. Technically it is shaping up well now but may take some time
to get into strong up momentum track but the attractive thing is that the
current price is a good entry point because the down side risk from here seems
to be limited in the range of 216.15---212.30,
if it has the strength it should not break 216.15
on the closing basis, but break below 212.30
can drag it down. Similarly moving up its strong and broad resistance could be
at 227---234---245---258---259.20----273.50---277.35---299,
if it moves 227 & 234 and
sustain on the closing basis then it may gain some strength for the
continuation of the up move but it may get into strong up momentum track once
it moves above 259.20 and sustain on the closing basis and finally if it moves
above 277.35 and sustain on the
closing basis then it could retest its all-time high of 299 or may go beyond it also.
In view of the above observation, it is suggested that investors can accumulate the stock now and on the decline but not below the range of 216---212.30 with a stop loss of 210. The stock has the potential to appreciate by 20—30% or more in 8-10 months from here.
NOTE: - It is a technical assessment of the stock as of now, the
technical interpretation changes with the price movement and time, therefore it
has to be reviewed at regular intervals, furthermore investors are advised to look into
fundamental, financial details of the company because that too keeps on
changing and last but not the least management perception for the future of the
company before taking investment decision.
Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.