Industrial Stocks Manufacturing a Positive Move

January 18, 2022

Over the last quarter, we saw the market really struggle to pick a direction and get going. There were a lot of sideways moves and a lot of failed breakdowns. Currently, we've seen a resumption in the positive trend in most sectors, supported by market breadth.

Today we're taking a look at stocks from the Industrial Manufacturing sector. A handful of stocks are signifying what could be a good bullish going forward.

So let's see what we have today!

First up on the list today is Orient Refractors. In the week gone by, we saw a clean breakout come through at the price as can be seen in the chart below. With that breakout in place and the indicator displaying strength, the price can be well on its way to the next target.

We did see a minor consolidation just below the level of 385. Now that the price has broken out of this level, we have a new set of levels to track!

We are bullish above the level of 385 with a target near 557.

Click on the chart to zoom in.

Next up, we're looking at a stock that has made an appearance several times in our conference calls- Thermax.

The price broke out above the crucial level of 1,850 and has displayed follow through in the week gone by. With this move, the stock seems ready for the next move up.

Notice how the price tends to consolidate near a crucial area and then progresses to move in the direction of the underlying trend. The indicator too is in the bullish momentum regime, adding weight to the positive thesis.

We are bullish above the risk management level of 1,850 with a target near 2,640.

Here we're taking a look at Laxmi Machines. As seen above, we have a breakout on this chart as well. What's different in this case, however, is that we have a big base breakout!

The price has moved out of a close to four-year base breakout! The appearance of such moves is telling of the kind of market we're in. The indicator has been placed in the bullish territory for a while, so that's another box checked.

We are bullish above 9,385, with a target close to 13,950.

Ingersoll-Rand is the next stock we're tracking. The price broke out of a big base, following which we saw consolidation. And we saw a consolidation above the breakout level. This is a good sign! The indicator too has hardly let go of the bullish momentum as can be seen below.

We are bullish above the level of 1,250 with a target close to 1,525.

Grindwell Norton is another stock that has caught our attention.

The price moved past its 423.6% Fibonacci retracement and has held on to its levels. If you notice the price behaviour, this is more of a slow and steady stock, rather than a rocket explosion. So expect a similar journey to the next target as well.

As long as the price is above the crucial level of 1,750, the bullish case holds true. The target to track in that case would be 2,600.