Praj industries share price has broken its previous barriers as it was consolidating for more than 2 months, checkout my technical analysis on this share price movement.
First It gives a gap up opening on 11th Sep 2023 and then for more than 2 months the stock price is unable to close above 600 level, but today on 23rd Nov 2023 it closes at 615.90. The share price of praj industries jumped by 6.22% on intraday level with decent amount of volume.
Cup and Handle Pattern
In 3 hour time frame Praj Industries stock price is forming cup and handle pattern, and closes above previous resistance level. If share price comes for the retest of 600-605 level tomorrow or coming days it would be a good entry for long with decent RR ratio. The stock price also took support from 50% Fibonacci level and from 200 EMA too, then it broke the past barriers.
Praj Industries Fundamental Analysis
Ticker by Finology has given the stock a 4 star rating with a market cap of more than 11000 crores. Company has no debt and cash reserves are 87.70 crores. The profit and sales growth of the stock is also increasing and company’s net sales in march 2019 was 862.53 crores which increased by almost 4x in march 2023 to 3189.18 crores.
Summery
The fundamental of stock is good and it also surpassed its previous barrier and closes above it. There could be a good entry for the share if it retest the breakout levels and it is looking good for a swing trade.
IMPORTANT NOTE – I am not a SEBI registered financial advisor and my all share research is only for educational purpose. Please take advice from your financial advisor before buying any stocks. I may or may not hold the stocks which I share on my website, if I hold the stocks I could sell them tomorrow or keep them for 10-20 years, it is totally depend on my risk taking ability.
