Weekly Picks 03rd June 2024

1. COROMANDEL LTP 1,304

Counter	COROMANDEL LTP 1,304
Call	Buy on dip
Target 1	1,360
Target 2	1420 SELL 1400 CE JUNE CMP 26.50
Stop Loss	1,238
Time Horizon	2-3 weeks
Notes	50% at dip near 1,270

Coromandel International Ltd specializes in the manufacturing of fertilizers, plant protection chemicals, and specialty nutrients. The company also markets phosphogypsum and sulfur pastilles and is exploring business opportunities in Latin America. Additionally, Coromandel has entered the retail sector, focusing on agriculture and lifestyle segments. Aiming to be a comprehensive plant nutrition solutions provider, they have introduced a range of specialty nutrient products, including organic fertilizers, bentonite sulfur, water-soluble fertilizers, and micronutrients.

Previous Close	1,300.2	TTM EPS	55.77
52 Week High	1,313.9	TTM PE	23.44
52 Week Low	913.5	P/B	6.04
Sector PE	27.38	Mkt Cap (Rs. Cr.)	38,492

_{^{(Source: Moneycontrol, BSE, Fisdom Research)}}

Technical Outlook

_{^{(Source: Fisdom research)}}

Coromandel gave a technical “Ascending Triangle” pattern break-out on the higher-end and prices sustained above the breakout levels on the weekly chart.
The counter on the weekly chart has witnessed a breakout after three to 5 months of some retracement of the previous upside. On the daily scale the stock has witnessed a rounding bottom pattern breakout.
The counter is trading above its 21, 50, and 100 Exponential moving averages on the weekly chart confirming its overall performance.
The momentum oscillator RSI (14) has an ascending triangle pattern breakout on the daily scale above 70 levels with a bullish crossover The MACD indicator line has a bullish crossover confirming the breakout.

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2. EXIDE LTP 489

Counter	EXIDE LTP 489
Call	Buy on dip
Target 1	512
Target 2	528 AND SELL 540 CE JUNE CMP 15.25
Stop Loss	460
Time Horizon	2-3 weeks
Notes	50% at dip near 480

Exide Industries Ltd produces a wide range of storage batteries for various applications. In the automotive sector, they market products in India under Exide, SF, Sonic, and Standard Furukawa, and internationally under Dynex, Index, and Sonic. For industrial uses, their brands include Exide, Index, SF, CEIL, and Power Safe in India, and CEIL, Chloride, and Index internationally. These batteries serve sectors like railways, telecom, power plants, and UPS systems. They also manufacture high-end submarine batteries and are one of the few companies worldwide capable of producing these for Russian and German types, making two to three batteries annually for India’s defence.

Previous Close	497.9	TTM EPS	10.34
52 Week High	517.4	TTM PE	47.22
52 Week Low	195.7	P/B	3.91
Sector PE	35.11	Mkt Cap (Rs. Cr.)	41,501

_{^{(Source: Moneycontrol, BSE, Fisdom Research)}}

Technical Outlook

^{_{(Source: Fisdom research)}}

EXIDE INDUSTRIES has given a technical ‘DARAS BOX’ breakout at its all-time high levels.
After a 65% significant move, the stock went into consolidation for a month consolidation and broke the consolidation zone this week.
Volumes were higher than the average on the breakout, confirming the breakout.
The counter is trading above its 21, 50, and 100 Exponential moving averages on the weekly chart and daily chart confirming its overall performance. 10&20 DEMA is acting as a good support zone.
The momentum oscillator RSI (14) is above 55 levels and has a support near 60. The MACD indicator is reading above its line of polarity on the weekly scale.

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Fisdom Research