Weekly Picks 22nd April 2024

1. BSE LTP 2,763

Counter	BSE LTP 2,763
Call	Buy on dip
Target 1	2,930
Target 2	3,120
Stop Loss	2,525
Time Horizon	2-3 weeks
Notes	50% Buy on dip at 2,720

The Bombay Stock Exchange has evolved into a corporatized and demutualized institution, boasting a diverse shareholder base that includes prominent global exchanges like Deutsche Bourse and Singapore Exchange. BSE operates as a robust and transparent marketplace facilitating the trading of equity, debt instruments, derivatives, and mutual funds. Additionally, it offers a dedicated platform for SME equity trading, enhancing accessibility and opportunity for small and medium-sized enterprises.

Previous Close	2,781.10	TTM EPS	56.33
52 Week High	2,954.90	TTM PE	49.15
52 Week Low	447.20	P/B	13.88
Sector PE	119.87	Mkt Cap (Rs. Cr.)	37,479

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

Technical Outlook

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

BSE gave a technical “Rectangle” 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 five 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) has taken support of a downward-sloping trend line on the weekly scale. The MACD indicator is reading above its line of polarity on the weekly scale.

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2. GODAWARI POWER AND ISPAT LTP 869

Counter	GODAWARI POWER AND ISPAT LTP 869
Call	Buy on dip
Target 1	919
Target 2	970
Stop Loss	799
Time Horizon	2-3 weeks
Notes	50% Buy on dip at 851

Godawari Power & Ispat Ltd is an Indian fully integrated steel enterprise spanning the entire steel value chain, from iron ore mining to the production of iron ore pellets and high-value steel products. The company primarily operates within the Iron and Steel segment, which includes captive power generation. This captive power is crucial for the company’s iron and steel production processes. Operating solely in India, the group offers a range of products such as Pellets, Sponge iron, Iron and steel billets, Wire rods, Hard black wires, Ferro-alloys, and more.

Previous Close	843.15	TTM EPS	65.22
52 Week High	880.00	TTM PE	13.34
52 Week Low	352.85	P/B	3.03
Sector PE	32.80	Mkt Cap (Rs. Cr.)	11,827

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

Technical Outlook

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

GODAWARI POWER AND ISPAT gave a technical “Rectangle” pattern break-out on the higher-end and prices sustained above the breakout levels on the weekly chart and are outperforming the broader markets.
The counter on the weekly chart has witnessed a breakout after four 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) has formed a double bottom pattern near 50 levels on the weekly scale. The MACD indicator is reading above its line of polarity on the weekly scale.

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