Mahamaya Steel at Multi Year Breakout

Mahamaya Steel (MAHASTEEL.NS) Listed on NSE on NIFTY METAL Index stock has been consolidating in the range from last few trading sessions. Metals Stocks are flavor of the season as commodity cycle is turning. We covered Stock 5 days before at 176 and it did our 1 target of 196 Last Friday

Pattern Analysis

As per Price chart Price is at its yearly resistance point of 196,Stock has retraced from 196 multiple time. Any close above 196 will initiate a fresh buying in Stock which can lead to price move till 212/225 in next 15-20 days, move of almost 10-15% from 196 level.

Supply Demand Analysis

As per Supply Demand Chart we are trading above the demand zone of 198  can lead to fresh move till 212/225.

Time Cycle Analysis

As per Time Cycle as shown in above chart till we are holding 180 odd level stock can continue to rally till 14 June.

“Traders can go Long in range of 196-198 for a move towards 210/216/225 in next 15 days month SL 185 on Closing Basis”