Now that the short term gains are being digested by the fastest finger first brigade, we are on to analyzing what next...so it seems quite elementary that if it closes above 232 for the month of August 2022 then we are looking at a target of 350+ on this one...this thesis can only hold good until 232 is not breached on the downside. The 354 target has been derived by using Fibonacci 1.618 level from the previous ATH of 231 in January 2010... so I would begin accumulating its shares till 30 August, provided it continues to stay above 232 all this while using this correction as another opportunity which may or may not bear fruit
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If anyone is interested the concall transcript has been uploaded in the BSE site.. the summarization is as follows: coal, power business, zambian operations in good stead...ferro manganese alloy demand still good although not at peak prices seen a couple of quarters back... company looking to monetize a 60 acre land parcel in eastern Hyderabad area which could generate a windfall in the near to medium term... nothing new on the arbitration proceedings but the good news is that a new tariff has been agreed to with ZISCO and is being honoured in full from May 2022 so the rise in receivables has been arrested.. new business ventures are still at initial stage being a mine in Ivory Coast, growing Avocadoes in a land parcel in zambia and asset light healthcare biz
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Time to start biting here...230-240 good for accumulation...
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as it has crashed...to be bought above 230 only upon recovery, if that happens