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TECHNICAL ANALYSIS STOCK BIRLA CORPORATION LTD

The Birla Corporation stock during the current week has registered a resolute breakout above the last two month’s consolidation range of | 768-671.The stock, in the process, also registered a breakout above the falling trend line joining high of April 809 and June 768, thus offering a fresh entry opportunity to ride the next up move in the stock.

The share price of Birla Corporation has undergone a healthy base formation around 670-700 region in the last four months after sharp decline in first three months of CY18 signaling reversal of the corrective trend.Time wise, the stock has witnessed a faster retracement of the last falling segment as the stock has completely retraced its previous 14 session decline from 768 to 671 in just seven sessions signaling positive price structure

Buying Birla Corporation around 780 -785 for the upside target of Rs 810 and 845 keep a stop loss placed at Rs 749.

Stock resistance and Support   (daily)

·       Resistance  1      -  805Support 1       -  745

·       Resistance 2       -  869            Support 2       -  693

·       Resistance 3       -  985Support 3       -  660

[Fundamentals analysis]

Birla Corporation Limited, Flagship Company of M P Birla Group, would gradually raise cement manufacturing capacity to 20 mtpa over the next two to three years, a company official said. Presently, the total manufacturing capacity after the acquisition of Reliance Cement is 12.5 tithe company was having land in some locations but declined to divulge the names of the places. The cost of setting up one mt plant at present was Rs 800 crore without land. 

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