Company Overview:

Max Financial Services Limited: (NSI: MFSL)’s is a part of the Max Group and the holding company for Max Life Insurance Company Limited. The Company owns and actively manages an 87% majority stake in Max Life Insurance India's largest non-bank owned private life insurance company.

Escort Kubota Ltd (NSI: ESCORT)’s is formerly known as Escorts Limited is an Indian multinational conglomerate that operates in the sectors of agricultural machinery, construction machinery, material handling, and railway equipment. Its headquarters are in Haryana, India.

Eicher Motors Ltd (NSI: EICHERMOT)’s is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. The world's oldest motorcycle brand in continuous production, Royal Enfield has made its distinctive motorcycles since 1901. The company organizes itself into two divisions, based on product type, motorcycles and commercial vehicles. The motorcycles division, the most significant contributor to Eicher Motors' revenue.

Max Financial Services Limited: (NSI: MFSL)’s Technical observation: - Stock corrected from its recent top of INR 1067 and currently trading at INR 911.10 levels. Stock is trading below its 21 Period SMA and 50 Period SMA levels which can act as small resistance. Leading Indicator RSI (14-period) 35.47, and Stochastics is also supportive for price reversal in near future.
Important Resistance Levels to watch out INR 999 and INR 1067 and crucial Support 1 at INR 856 and Support 2 at INR 820 levels.

Source: REFINITIV; Analysis: Kalkine Group 

Escort Kubota Ltd (NSI: ESCORT)’s Technical observation: - In recent months stock has given a very good positive momentum on daily chart and made high of INR 3440 levels. And now trading near INR 2854, near our lower Trendline On chart RSI (14-period) 31.32, and current price trading below 21 Period SMA and 50 Period SMA. Which can act as small resistance in upward move.
Important levels to watch out, Resistance 1 at INR 3108, Resistance 2 at INR 3261 and Support 1 at INR 2619 and Support 2 at INR 2525.

 Source: REFINITIV; Analysis: Kalkine Group 

Eicher Motors Ltd (NSI: EICHERMOT)’s Technical observation: - Stock has corrected from its recent top of INR 4200 levels and now trading at INR 3884.25 level and near its major support Trendline levels with a positive Stochastic level.
On chart RSI (14-period) at 45.55 level support reversal at current level with strong Volume buildup. 21 Period SMA is above current price which can act as a small resistance and 50 Period SMA levels near support line. Important Resistance levels to watch out at INR 4198 and INR 4478 and Supports Levels at INR 3589 and INR 3509.

Source: REFINITIV; Analysis: Kalkine Group

Markets are trading in a highly volatile zone currently due to certain Macro & Micro-economic data and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Related Risks: This report may be looked at from a high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risk, currency risks, social and political instability risks etc.

Note 2: How to Read the Charts?

The Green colour line reflects the 21-period moving average while the red line indicates the 50- period moving average. SMA helps to identify existing price trend. If the prices are trading above the 21-period and 50-period moving average, then it shows prices are currently trading in a bullish trend.

The Black colour line in the chart’s lower segment reflects the Relative Strength Index (14-Period) which indicates price momentum and signals momentum in trend. A reading of 70 or above suggests overbought status while a reading of 30 or below suggests an oversold status.

The Blue colour bars in the chart’s lower segment show the volume of the stock. The volume is the number of shares that changed hands during a given day. Stocks with high volumes are more liquid than stocks with lesser volume as liquidity in stocks helps in easier and faster execution of the order.

The Orange colour lines are the trend lines drawn by connecting two or more price points and used for trend identification purposes. The trend line also acts as a line of support and resistance.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavorable movement in the stock prices.

The reference date for all price data, currency, technical indicators, support, and resistance levels is January 08, 2024. The reference data in this report has been partly sourced from REFINITIV.

Abbreviations

CMP: Current Market Price

SMA: Simple Moving Average

INR: Indian Rupee

RSI: Relative Strength Index 

Note: Trading decisions require a thorough analysis by individuals. Technical reports in general chart out metrics that may be assessed by individuals before any stock evaluation. The above are illustrative analytical factors used for evaluating the stocks; other parameters can be looked at along with additional risks per se. Past performance is neither an indicator nor a guarantee of future performance.

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