This sector looks interesting | CA Rachana Ranade

"if you see here it is more or less like a cup and handle the cup is very sharp I know that okay but the cup and kind of a handle and here you can see that there's a breakout okay there was a breakout okay let me just draw this that it'll go away okay so there was a breakout there was a retest here and then it started to bounce off"

"a very very very classic inverted head and shoulder pattern is what we can see shasan okay inverted head and shoulder pattern in fact I should should take this from the bottommost point and uh if I were to replicate this clone and if I put it here at the neck line uh somewhere around a,2 okay if I take it properly I taken it just above that"

"but visually from uh you know TOA if we keep open-mindedness then it is like a cup and like a handle has it given a breakout yes has it seen a retest yes and now is it bouncing back a bouncing off yes again if that be so cup and handle pattern a now this could also be one case of consolidation"

"M&M now M&M is that here you can very clearly see M&M has actually broken out from the territory this was like a cup and handle which it had formed but it's way above that right now it has been bouncing and bouncing and bouncing but if you also try to see I'll just quickly delete this point one minute and if I keep them let us go to the daily chart I just see if I can see something on the daily chart because monthly though it's way above all all all the things right it is just consolidating right now but if I were to see this from the lowest point around 29th March 23 still you can see it it is just going up then consolidating again going up trying to form some base and right now if you see here this is somewhere like it's kind of a cup and handle again but at a sideways things so here you can see a very small cup and a handle and immediate breakout also"

"but finally in 2024 they will be starting production of EVs and it is said that they may launch uh it in in the same year but at least production is going to start in 2024"

"and in fact I read it in the news few days ago as well that they are planning to increase the overall capacity of uh their plant and uh they are planning to increase their annual production capacity to about 4 million"

"more or less like a double bottom formation is what you can see okay neckline broken from this if I take one to here if I clone it from here to here almost done"

"the entire speciality chemical sector is going through a bad phase and I've talked about this so many times as per the management con call second half of 2024 is where managements of different Specialty Chemicals related companies feel that it may start performing better"