Industrial Manufacturing Stocks Rising (Part-2)

JC Parets
September 11, 2022

The Industrial sector has been on our radar throughout this year. The Nifty 500 peaked in October 2021, whereas stocks from the industrial sector continued to show resilience. Our outperformers scan list is full of industrial stocks.

Our Custom ASC Industrial Index is making a new all-time high on an absolute and a relative basis. We are looking for opportunities to add based on price breaking above the consolidating or options to add within an ongoing bullish uptrend. Finally, we'll look into potential multi-year breakouts.

In this post, we'll update the trade ideas from the last post and add a few new actionable setups that look attractive on the long side for the next few weeks and months.

ABB India is the top industrial name. It has been in a continued outperformance mode. Here the risk management level is 2,649 with a target of 3,840.


Like ABB, KSB is a strong multi-nation name moving with robust momentum. We are bullish above 1,832, with a target near 2,726.

AIA Engineering Ltd had a multi-year base breakout this year. Currently, the monument indicator is in bullish territory. We are positive above 2,360, with a target near 3,140.

Action Construction Equipment had a confirmed breakout above 287, with solid momentum this week. We are bullish, above 287, with a target near 446.

Astral is having a breakout above 2,434 with momentum in strong territory. We are bullish above 2,433, with a target near 3,242.

Carborundum Universal Ltd is changing its trend after a pro-long underperformance. We are bullish above 828, with a target close to 1,035.

Garden Reach Shipbuilders & Engineers is yet to show a strong move. The defence theme is in focus. We are bullish above 320, with a target close to 526.


KEI Industries recently broke out above the long consolidation below the critical Fibonacci level. We are bullish above 1,272, with a target near 1,930.


Kennametal India Ltd had a recent breakout above the key Fibonacci level paired with strong RSI reading. We're bullish above 2,252, with a target close to 3,280.

Maharashtra Seamless Ltd had a recent multi-decadal breakout. The momentum is in bullish territory. We're positive above 755, with a target close to 1,153.


Elecon Engineering Company Ltd. is presenting a confirmed multi-decadal breakout. Often these long-term breakouts offer clear risk-reward opportunities. Our thesis of strength stands true as long as it holds the breakout. Here we're bullish above 343 with a target close to 545.

Mold-Tek Packaging Ltd is sustaining above the key Fibonacci level and rising momentum. We are bullish above 920, with a target close to 1,400.

Within the packaging sector, like Mold-Tek, Uflex poses a similar setup. We are bullish above 747, with a target close to 1,135.

Ashok Leyland Ltd is on the verge of a multi-year breakout. The current momentum is bullish. For a fresh view, we're looking for the breakout confirmation above 168 with a potential target near 250.

Cummins India Ltd is on the verge of a 7-year breakout. For a fresh view, we're looking for the breakout confirmation above 1,247, with a potential target near 1,845.

Usha Martin Limited is yet to have a breakout above its multi-decadal high of 2007. A confirmed breakout above 154 will open up the target of 245.

Our final expected breakout name is Bharat Forge. Here 800 presents as a level of overhead resistance. If the stock clears this level, we'll have an open target near 1,160.

These stocks presenting the expected breakouts show budding steam in industrial stocks. Many names are participating in a clear upside after doing nothing for years. It's inherent bullish evidence for this sector.

This is our lineup of strong stocks among the Industrial Manufacturing stocks. Which ones are you tracking?

Thanks for reading and please let us know if you have any questions.

Allstarcharts Team

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