Weekly Picks 20th May 2024

1. SUNDRMFAST LTP 1,190

Counter	SUNDRMFAST LTP 1,190
Call	Buy on dip
Target 1	1,260
Target 2	1,300
Stop Loss	1,140
Time Horizon	2-3 weeks
Notes	50% at dip near 1,190

Sundaram fasteners has grown into a global leader, manufacturing critical, high precision components for automotive. Infrastructure, windmill and aviation sector. Sundram Fasteners Limited, a part of USD 8.5 billion TVS Group Company, is one of the leading auto component manufacturers in India. Varied range of productions encompasses fasteners, power train components, sintered metal products etc.

Previous Close	1,204.6	TTM EPS	24.48
52 Week High	1,340.7	TTM PE	48.57
52 Week Low	1003.0	P/B	8.29
Sector PE	49.24	Mkt Cap (Rs. Cr.)	24,986

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

Technical Outlook

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

SUNDRAM FASTENERS gave a technical “Cup and Handle” pattern break-out on the higher-end and prices sustained above the breakout levels on the daily chart.
The counter on the weekly chart has witnessed a horizontal trend line breakout after three months of consolidation with above-average volumes.
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) is reading above 60 levels with a bullish crossover. The MACD indicator is reading above its line of polarity on the daily and weekly scales.

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2.EDELWEISS LTP 86.53

Counter	EDELWEISS LTP 86.53
Call	Buy on dip
Target 1	89
Target 2	93
Stop Loss	80
Time Horizon	2-3 weeks
Notes	50% at dip near 84

Edelweiss is one of India’s leading financial services conglomerates, offering a robust platform to a diversified client base across domestic and global geographies. Present in every financial life stage of a customer, helping them create wealth, grow wealth and protect everything, are their key lines of business. This diversified business model reflects experience across India’s multiple consuming facets, from industrial behemoths and large companies to small business as well as the average Indian urban and rural household.

Previous Close	85.2	TTM EPS	4.46
52 Week High	87.8	TTM PE	19.39
52 Week Low	35.0	P/B	1.21
Sector PE	31.7	Mkt Cap (Rs. Cr.)	8,164

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

Technical Outlook

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

EDELWEISS FINANCIAL gave a technical “Inverted Head & Shoulder” pattern break-out on the higher end and prices sustained above the neckline of the pattern on the daily scale.
The counter is trading in a higher high higher low formation from the past couple of months on the daily time frame.
The stock is trading above its 9, 21, and 50 Exponential moving averages on the daily chart confirming its overall performance.
The momentum oscillator RSI (14) is reading above 60 levels with a bullish crossover. The MACD indicator is reading above its line of polarity on the daily and weekly scales.

Invest Now

Fisdom Research