Stovekraft shares trading in a range, ICICI Securities' analyst shares strategy

Investors in kitchen and home appliances maker Stovekraft who are sitting on positions around the Rs 900 mark may not need to rush for the exit yet. ICICI Securities’ Head of Derivatives and Quant Research Jai Thakur said the stock is nearing the upper end of its long-standing trading band, but still merits a hold until the Rs 900-Rs 950 zone is fully tested.

Responding to a viewer query on Business Today Television’s Daily Calls, Thakur said the stock’s technical setup is best assessed through a quant-led framework because Stovekraft is a non-F&O counter and lacks derivative data that typically helps traders gauge momentum and positioning.

A narrowing range comes into focus

Thakur’s core argument is that Stovekraft has spent years moving within a broad but tightening range. “Since past five years, this stock has been trading pretty much within a range, and the range is getting narrower,” he said.

That compression matters. According to him, the stock’s earlier upside ceiling was around Rs 1,100, which later slipped to about Rs 950. But the lower base has also climbed meaningfully over time, shifting from roughly Rs 350 to Rs 450. In effect, the active band has narrowed to around Rs 450-Rs 950.

Why Rs 950 is the key level

For investors who entered near Rs 900 and have already held the stock for well over a year, the message is tactical rather than aggressively bullish. Thakur said the stock is now approaching the upper end of the range, that is Rs 900 to Rs 950, making that band the most important near-term review point.

His advice was clear: “At least till those levels are met, you can continue holding this stock.” The current setup does not yet suggest a breakout call, but neither does it justify abandoning the position before the stock tests its known resistance area.

What this means for investors

The takeaway for shareholders is that Stovekraft remains a range-bound story unless it can decisively move beyond the upper band. A sustained push above Rs 950 would likely become the next trigger for reassessment, while failure near that zone could reinforce the stock’s historical pattern of capped upside.

For now, the technical verdict is simple: hold, watch the Rs 900-Rs 950 band closely, and review again near resistance.