Base Breakout- Shyam Metalics & Energy Ltd
Business Overview:
Shyam Metalics is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys. The company is one of the largest producers of ferro alloys in terms of installed capacity in India and has the ability to sell intermediate and final products across the steel value chain.
Products:
The company is primarily engaged in the production of long steel products such as Ferro Alloys (31% of the revenue), Iron Pellets (9% of the revenue), Sponge Iron (25% of the revenue), and steel billets, TMT, structural products, wire rods, contributed 15% of the revenue.
The company is planning to further extend its product portfolio by new launches like Blast Furnace, Ductile Iron Pipes, Aluminum Foil.
Let's Decode the Chart!
Technical Overview:
Metal Sector is at new high with the news of china reopening and withdrawing covid restrictions give hope to the steel companies facing the lower demand.
We have come through this beautiful chart pattern which is range breakout in shyam Metalics on weekly time frame.
The stock breakout the resistence level of 314-315 with above average volume and outperforming the Index, we can expect next targets of 370-400 targets in this counter supported by good fundamentals.
Keep the stop loss of 280 and buy in the range of 310-315 with short to medium term view.
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Chart Source:
https://in.tradingview.com/chart/j2ERjo4S/?symbol=NSE%3ABANKNIFTY
