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Sectors in Focus

Major Corporate Developments This Week

1. Mphasis signed agreement with AWS to launch Gen AI foundry for financial services.
2. HDFC Bank - the private sector lender reported over 100% YoY growth in retail loans for the quarter ended March 2024.
3. Suryoday Small Finance Bank - the lender reported a 41% YoY increase in its gross advances to Rs. 8,650 crore and a 50% increase in its total deposits to Rs. 7,775 crores.
4. KEC International secured new orders of Rs. 816 crores across its various businesses - Civil: The business has secured orders for infrastructure projects in India: Setting up of a Steel plant in Northern India, Building a Cement plant in Central India, Establishing a plant for Carbon derivates in Eastern India. Transmission & Distribution (T&D): The business has secured orders for supply of towers in the United States of America. Cables: The business has secured orders for supply of various types of cables in India and overseas.
5. HCL Tech partners with Google cloud to scale AI model Gemini to global enterprises.
6. Vodafone Idea gets shareholder nod for Rs. 20,000 crore fundraising plan.
7. National Aluminium Company - posted highest ever metal sales and cast metal production in FY24.
8. GE Power: Jaiprakash Power awards contracts for two projects worth Rs 774.9 crore to company.
9. Rashi Peripheral: Company gets new orders worth Rs 1,510 cr from NMDC data centre.
10. Avanti Feed: Company starts trial production at the newly established Shrimp Processing plant in Andhra Pradesh.
11. Man Ind: Company has obtained CE certification for cold formed welded structural hollow sections of non-alloy & fine grain steels.
12. Schneider Electric: Company undertakes investment plan of Rs 3,500 crore to expand capacity in India and cater to growing power demand.
13. Biocon: Company transfers India’s branded formulations business to Eris Lifesciences for ₹1,242 crore on a slump sale basis
14. IREDA: Company records its highest-ever annual loan sanctions and disbursements in fiscal 2023-24.
15. Marine Elect: Company has received an order amounting to 143.3m rupees from Cummins India.
16. Sona BLW: Company gets approval for second hub wheel motor for electric two-wheelers under PLI scheme.
17. MOIL: Company has recorded best ever production of any financial year since inception, at 17.56 lakh tonnes, growing sharply by 35 percent year-on-year.
18. Indo Edge: Company receives clearance from CCI to acquire 8% stake in MG Motor India.
19. UltraTech Cement: Company to invest Rs 32,400 crore towards ongoing capex over next three years.

TechnoFunda Investing Quote from Legends -

The quote by Charles Ellis emphasizes the paramount importance of risk management in various aspects of life. It adopts a cautionary stance against pursuing excessive gains through high-risk behaviors, as such actions often lead to substantial and irreversible losses. Instead, Ellis advocates for a defensive approach that minimizes the potential for major losses, thereby creating a conducive environment for steady gains to emerge naturally over time. This philosophy underscores the wisdom in prioritizing safety and risk aversion over the allure of quick, high-stake returns.

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Learn technical as well as fundamental concept in a simple way

Base Breakout Strategy

Base breakout strategy is employed to detect and capitalize on stocks breaking out from prior trading ranges or consolidation bases. While these breakouts can take various forms, the underlying principle remains consistent: when a stock emerges from a period of consolidation within a tight trading range, it often accelerates in the direction of the breakout. This approach offers a clear entry point for traders and investors, complete with a defined stop-loss based on the trading range's high or low, facilitating risk management.

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The Importance of Volume Analysis in Identifying Strong Base Breakouts

Volume analysis plays a crucial role in identifying strong base breakouts. Throughout the formation of the pattern, volume characteristics provide valuable insights into the trend's strength and breakout potential. Initially, as the stock consolidates, volume typically decreases, indicating a state of indecision among buyers and sellers. This initial phase often sees weaker participants exiting the market. However, as the stock reverses from the base's bottom, volume starts to rise again. A notable increase in volume as the stock approaches resistance levels suggests heightened buyer activity and foreshadows a breakout, confirming the trend's strength. Breakouts accompanied by strong volume, significantly higher than average, indicate robust participation from institutional investors, reinforcing the breakout's credibility. Conversely, breakouts with lower or average volume may be considered suspect, potentially indicating false breakouts.

True breakouts exhibit several other distinctive characteristics

• Convincing Base Pattern - The base pattern of the chart from which the stock is breaking out should be convincing with its shape, depth, and price-volume action along its formation.
• Increased Relative Strength - Rising relative strength as the stock nears resistance suggests a potential breakout.
• Follow-Up Confirmation - Strong price action is favorable in a breakout. Gap up movements & stock ending near the day’s high are good signs accompanying breakouts.
• High Momentum After Breakout - Post-breakout, there should be strong momentum in price movement.
• Supported by Market Uptrend - A good breakout should have the support of a Confirmed Uptrend in the overall market. Breakouts in such markets have a higher chance of a strong rally.

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Vivek Mashrani, CFA Founder, TechnoFunda Investing

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