Short
Long
Long
ITC medium term bullish outlookAccording to Elliott Wave Principle (EWP), ITC has been clearly labeled since mid-March 2020 with a completed Wave 1, Wave 2, and Wave 3. From the top of Wave 3, the price has formed an ABC corrective structure, where Wave A is a Zigzag, Wave B is a Triangle, and Wave C is an impulsive wave. Within Wave C, Wave 5 appears to be forming as an Ending Diagonal.
Wave 4 has now retraced approximately 61.8% of Wave 3. Based on the Elliott Wave structure, the price is expected to advance into Wave 5, which should complete the current five-wave impulse sequence. 
Long
Long
Long
QPOWER - Cautious Acc.Attractive structural business (HVDC / FACTS / power quality / BESS PCS) with real order-book visibility, but the stock already prices a lot of that in at ~74× attributable earnings.
QPOWER’s slot: same size as TRIL/Voltamp, but priced for a specialised HVDC / FACTS / PCS / data-centre story. That premium only works if earnings compound faster than mid-tier transformers — FY27’s 15–20% guide doesn’t prove it yet.
Actionable plan (how I would treat it)
Core accumulate -- ₹950–1,050 (demand zone) -- Better margin of safety vs ~74×; chart support confluence
Light starter only -- CMP ~₹1,100–1,200 -- Only if you already want exposure and can average down
Do not chase -- > ₹1,300 / near Fib 100% -- Asymmetric: limited multiple expansion left, high drawdown risk
Hard invalidation -- Sustained break < ₹900 with order-book miss -- Channel thesis breaks; reassess business, not just chart
Monitor triggers -- Q1–Q2 FY27 -- Sangli ramp, PCS orders (mgmt $60–80 Mn target), FCF sign, dilution terms 
Long
Long
Long
Long
Long
BHARAT FORGEBharat Forge Ltd. (CMP ₹2,190.00, NSE: BHARATFORG)
The SmartWay Research Desk | 20 July 2026
A Pune‑based engineering and manufacturing company, incorporated in 1961. Bharat Forge is India’s largest forging and metal engineering company, with global operations across automotive, defense, aerospace, oil & gas, and industrial sectors.
Promoter Holding (Mar 2026): Kalyani Group — 45.25% stake (no pledges)
FY22–FY26 Snapshot
Revenue Growth: FY26 revenue ₹16,842 Cr vs ₹14,912 Cr in FY25 (+12.9% YoY). → Good
Net Profit: FY26 PAT ₹2,112 Cr vs ₹1,812 Cr in FY25 (+16.5% YoY). → Good
Operating Margin: FY26 EBITDA ₹3,812 Cr, margin 22.6% vs 21.8% last year (+80 bps). → Good
Equity Capital: Stable, face value ₹2. → Good
Dividend Policy: Dividend ₹12.00/share declared for FY26. → Good
Asset Building: Investments in defense manufacturing, EV components, and aerospace parts. → Good
Sales: Strong demand from automotive and defense sectors. → Good
Expense: Raw material cost pressures (steel, alloys) remain. → Neutral/Good
EPS: FY26 EPS ₹42.25 vs ₹36.20 last year (+16.7%). → Good
Institutional Interest & Ownership Trends (Mar 2026)
Promoter Holding: 45.25% (no pledges)
FII Holding: 21.12%
DII Holding: 20.34%
Retail & Others: 13.29%
Strategic Moves & Innovations
Expansion in defense and aerospace manufacturing.
Focus on EV components and lightweight forging solutions.
Partnerships with global OEMs for automotive supply contracts.
Diversification into renewable energy and oil & gas equipment.
Cash Flow & Balance Sheet Strength
Market cap ~₹95,800 Cr.
Debt‑to‑equity ratio ~0.42 (moderate leverage).
Book value per share ₹412.00; P/B ~5.3.
EPS (TTM) ₹42.25; P/E ~51.8.
Risk Factors
High P/E ratio ~51.8, indicating premium valuations.
Dependence on global automotive and defense capex cycles.
Exposure to commodity price volatility (steel, alloys).
Competition from Mahindra CIE, Ramkrishna Forgings, and Tata Motors Defense.
Investor Takeaway
Bharat Forge has delivered robust FY26 performance, supported by automotive recovery, defense contracts, and EV component expansion. With strong promoter backing, dividend payouts, and leadership in forging technology, Bharat Forge remains a premium engineering and defense play. At CMP ₹2,190.00, valuations are expensive (P/E ~51.8, P/B ~5.3), reflecting growth expectations but also sectoral risks. 
Long
Long
Long
Long
Long
Short
Long
KFINTECH: The Toll-Booth Primed for a Multi-Leg Run to ATHThe Macro Thesis: Backing Financial Infrastructure
While many financial entities are exposed to lending risks and interest rate fluctuations, KFin Technologies (NSE:KFINTECH) serves as the scalable transaction backbone of the Indian financial ecosystem.
Operating as a dominant Registrar and Transfer Agent (RTA), the company retains a high-margin, duopoly position that directly prints revenue off persistent mutual fund inflows, corporate IPO processing, and alternative investment scaling.
Looking at the daily timeframe, the extended structural correction phase is transitioning cleanly into a high-velocity accumulation breakout.
🗺️ The Price Action Roadmap
The chart prints a highly defined step-ladder trajectory out of the baseline accumulation zone:
The Launchpad (Immediate Accumulation Zone): Price is working to cleanly clear structural overhead resistance between ₹887.90 and ₹915.50. Establishing structural support above this zone shifts the momentum from an accumulation drift to an aggressive expansion phase.
The Ladder Targets (T1 to T4):
T1: ₹992.50 — Immediate structural liquidity pocket.
T2: ₹1,082.40 — Re-testing the prior prominent swing high.
T3: ₹1,165.80 — High-volume institutional supply block cluster.
T4: ₹1,287.65 — The final key gatekeeper guarding major macro expansion.
The Volatility Squeeze Cluster (₹1,340 – ₹1,500): Expect a multi-week consolidation block inside this zone as late buyers exchange hands before the final push.
The Ultimate Target (All-Time High): ₹1,608.65. Clearing this ceiling leaves the chart in blue-sky territory.
⚡ Core Fundamental Pillars
Unrivalled Market Moat: KFin commands a ~33% domestic market share in mutual funds and administers share registries for roughly 50% of the NSE 500. RTA switching costs are incredibly high, securing highly defensive, recurring cash flows.
Exceptional Scalability: Operates with software-like efficiency, maintaining robust leverage that routinely keeps EBITDA margins well north of 40%.
Systemic Tailwinds: The underlying strategy acts as a direct proxy play on the long-term shift of Indian household savings into formal equity markets and systematic investment plans (SIPs).
⚠️ Risk Management Parameters
Invalidation Zone: A decisive structural breakdown below the swing floor of ₹768.55 invalidates the current expansion scenario.
Manage risk appropriately and scale out dynamically into major targets. 
Long
