attached chart shows the multi year channel on monthly charts. stock is at lower end of channel. there was a brief upsurge to 23 levels a few days back but now again stock is testing support levels of around 17-18. the breakout i mention had happened after a very prolonged consolidation and hence one can buy on pullback for decent returns.
fundamentally the company is in midst of some problems of changing fuel supply to lpg gas and hence some plants had to remain closed for some time during last two quarters.
this was once a darling stock of investors and if it can get out of its problems there could be multibagger returns.
Since the recommendation of this stock, I bought at 18.60 and sold at 21. Now the stock seems to be oversold once again as per RSI. Does it look like a good entry once again??
Hello @hitesh2710 Ji,
I am new to the VP forum, just came across this thread on Murdeshwar Ceramics, They have a new state of the art plant coming up at Tumkur near Bangalore, which is scheduled to commence in September 2016.
This added capacity expansion as well duty on chinese tiles should augur well for the stock.
My two cents.
Regards
Mahesh Shenoy.
Discl: Invested at 19, since June 2015.
