In our last write-up, we discussed Zomato & which belongs to the food delivery services. This time we caught a company from the construction sector. It has given a breakout on the weekly chart after a big consolidation. India is a developing country and based on that KNR has a good business scope.
After the Falling Wedge breakout market showed one side-up movement and made a new lifetime high i.e. 20200. Now nifty trading in a zone from the last 4 trading sessions. As per the RSI indicator market is overbought on a daily time frame. So we have seen rapid profit booking in the market. As I always say rapid rally is always harmful. The 19500 is strong support and the 20000 is psychological resistance for the coming week.
We are bullish on the market and our view is to buy near this support level with candle confirmation. Let’s discuss the company fundamentals and chart.
KNR Construction Limited is one of the leading construction companies. The main focus is the construction of roads, bridges, and irrigation projects. Also, they cover urban water infrastructure and agriculture projects. They have some government clients like the National Highways Authority of India (NHAI), the Ministry of Road Transport & Highways, Telangana, Karnataka, and Madhya Pradesh.
In August 2021, the share price reached a lifetime high of around 345 and then it started to show profit booking. Then the share price came to 200, and after a big consolidation recently share has given a breakout to a downtrend. Also, on the weekly chart, it looks like an Inverted Head & Shoulder. As per volumes, it is showing big players accumulation at the bottom. Now the chart shows the trend changed on the weekly chart, and getting ready for 350 levels.
The share price is trading around 275 and we are expecting 320/350 levels in the coming few months. Immediate support is around 240.
The demand for construction is increasing and sales growth also increasing. The company is profit making and the share price has given a breakout on the weekly chart.
Social Media Presence
Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. Readers are advised to consult their Investment advisor before making any decisions based on the above write-up.
Sula Vineyards has given a breakout on the weekly chart after making a Double Bottom. If we look at the Sula Wines product those are very demanding in India and out of as well.Read
In this write-up, we are going to discuss and be aware of the share price split. The meaning of share price split and its positive & negative impacts. What are the advantages and disadvantages to existing shareholders or the company?Read
In our last write-up, we discussed Zomato & which belongs to the food delivery services. This time we caught company from construction sector. It has given breakout on weekly chart after big consolidation. India is developing country and based on that KNR has good business scope.Read
In our last write up we discussed Divis Lab Ltd & which belongs to the pharma sector. Now we got one company that belongs to the Automobile Ancillaries sector. As everyone can see the demand for 2-3-4 wheeler vehicles in the market. Also, Nifty Auto is trading at a lifetime high and this stock is just at mid. This stock has to reach its highs and wants to show its potential.Read
For freshers who are interested to start a stock market investment or trading.Get Started
For those who want to levels up their Trading & Investing by making great predictions.Get Started