Binani Industries

Binani Industries was at a high of about Rs140 on 25 April 2008. Thereafter, the stock collapsed to take support at Rs26 on 31 October 2008. It made a feeble attempt to rise again, touching Rs44 on 14 November 2008. At this point, the decline was not over, and all further attempts to rise were feeble. The stock had yet to form a base. It finally touched Rs26 on 6 March 2009, a level where the base formation was over. In the ensuing bull market, the stock rose to Rs93 by 5th June, fell to Rs56 on 26th June and, after a few more ups and downs, now stands at Rs86. The rise to Rs93 following the base formation, the subsequent decline to Rs56, and the subsequent ups and downs with an upward bias can, together, be seen as a right-ascending triangle. The stock is now attempting to break out of this triangle formation on greater volumes. The distance from the base level of Rs26 to the first high of the triangle at Rs93, extrapolated from the last low within the triangle of Rs70, gives us a target price of Rs130–Rs140. This should be reached in about four months.
 

  • Like this story? Get our top stories by email.

    User

    Power Up Your Portfolio

    Three good stocks from the power sector—outside the expensive, obvious names. Analysis by ML Research Desk

    The power sector is hot, for good reasons. India will remain power-hungry for decades and this demand will translate into a steady cash flow for Indian power companies. But you must be careful about what you buy. Most large standalone power companies are expensive. Many of them have...

    Premium Content
    Monthly Digital Access

    Subscribe

    Already A Subscriber?
    Login
    Yearly Digital Access

    Subscribe

    Moneylife Magazine Subscriber or MAS member?
    Login

    Yearly Subscriber Login

    Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
  • Men at Work

    With an order book worth Rs2,400 crore and growing fast, Pratibha Industries is a good infrastructure play

    Pratibha Industries (PIL) is into design, engineering and construction of water transmission & distribution (T&D) projects, water treatment plants, reservoirs, mass housing projects, commercial complexes, pre-cast design & construction, road construction and real estate. Pratibha Pipes &...

    Premium Content
    Monthly Digital Access

    Subscribe

    Already A Subscriber?
    Login
    Yearly Digital Access

    Subscribe

    Moneylife Magazine Subscriber or MAS member?
    Login

    Yearly Subscriber Login

    Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
  • We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 3 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)