Generic Engineering We covered this stock from 20 odd levels 09 Jan ,16 Jan ,02 Feb,17 Feb and 20 Feb Stock has seen nice rally from 100 levels from march month towards the high of 130, gain of almost 30% in 5 months.Generic closed at highest weekly closing. True Wealth Creation happens when you buy and sit on your position as in case of Generic aided by technical.
Last Friday bounce was led by volumes and also based on the news as per BSE Generic Bags Order Worth 132.84 Cr
Closer look at the above release shows the quality of clients coming is having suggesting it can be a multibagger from current levels also. Company even gave dividend as per last quarter results. Fundamentals look strong and coming quarter results will shed more light on financial performance of the company. Old age Wall street adage Price are slave of Earning, So if earning follow price will rally.
Technical helps us in gauging the price level stock can rise in coming days.
As stock has given a breakout after 21 point range after 5 months , based on breakout rule initial target of this up move should be in range of 142-144 in next 2-3 months. Any close above 144 will be extremely positive from technical perceptive, as per gann rules any close above 144 can see stock giving at least move towards 169/199.
Remember the Golden Technical Rule Ride the Trend till it bends. Stock is Listed on BSE and Ticker is GENCON.
Traders can take Fresh Long above 131 Target 136/144/157/166 in next 3 months, SL should be kept at 115 on closing basis.
This is not an investment pick as I am not expert in Fundamental analysis but a short term pick for gain of purely based on Technical Analysis.Please also do your own study before trading this stock and trade in small quantity.