Short Term TechnoFunda Pick : Mahamaya Steel

Mahamaya Steel (MAHASTEEL.NS) – Listed on NSE and on the NIFTY METAL Index, the stock has come up with results today and an important news on Income Tax which will add to the bottom line of 19 cr to the company and which will get factored in the Next Quarterly Result. The Market Cap is around 192 cr and adding 19 CR to Profit will boost the Fundamentals of the company. Lets analyse it on a Technical Basis too.

Pattern Analysis

We are seeing an Ascending Triangle pattern, with the pattern height at around 30 points, so once we break 162 we are heading towards the 189-192 range.

Supply Demand Analysis

As per Supply Demand Chart, if we are holding 150 we will head higher towards 168/185.

Neural Analysis

Neural Also suggests the rally wil continue till Dec.

Traders can go Long in the range of 156-158 for a move towards 168/177, SL 1144 on Closing Basis