Weekly Chart Breakout in Sula Vineyards Ltd.

posted by : Admin
Categories : Tech Analysis
Weekly Chart Breakout in Sula Vineyards Ltd.

Our Focus

In our last write-up, we discussed HAL Share Split & which belongs to the manufacturing of aircraft, Helicopters, and repairs. This time we got a company from the liquor sector. It 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.

Market Sentiment Analysis

Nowadays market is trading at a lifetime high and not ready to come down. If look at the market from November 2023 then it has shown a non-stop rally. We didn’t see any big profit booking and we have seen back-to-back new highs. The Indian market sentiments are bullish and global also. The budget for 2024 is coming and everyone is expecting a big budget. That is the reason the market not showing profit booking.  

We are bullish on the market and there will be a good opportunity near this support level with candle confirmation. Let’s discuss the company fundamentals and chart.

Company Business Module

Sula Limited is one of the leading and largest wine producers and sellers in India. They have popular wine brands like Rasa, Dindori, Satori, Madera, & Dia. The company has 84% revenue from its wine brands. Also, they offer their wines in over 20 countries, including Spain, France, Japan, the United Kingdom, and the United States.

Technical Analysis

The company share is listed in December 2022 at around 350 rupees. After that it showed a good rally up to 550 then it came down and went sideways. In the last week of December 2023, it has given a breakout to the neutral zone. Also, it has confirmed Double Bottom breakout on the weekly chart with high volumes. In the new year share price has made a new lifetime high with strength.

What next?

The share price is trading around 550 now and the next resistance levels are 650/700 levels. Immediate support is around 490/460. Our view is buy-in dip near support levels.

Fundamental Analysis

  • The products are demanding and demand is increasing.

  • The company has low debt and is reducing.

  • FIIs & DIIs are increasing their stake.

  • ROE & ROCE are positive.

  • The profit growth of the company is 158% in the last 3 years.

Why Share Price Can Go Up?

The demand for wine is increasing and sales growth also increasing. The company is profit making and the share price has given a breakout on the weekly chart.

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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.

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