Mishra Dhatu Nigam Q2 profit rises 114.8% year on year

Mishra Dhatu Nigam reports Q2 profit growth of 114.8% year on year. A move above Rs 410 may weaken the bearish flag, with Rs 356 as support. Mishra Dhatu Nigam Ltd. [ MIDHANI ] is in focus on 12 November 2026 after Q2 consolidated profit rose 114.8% year on year to Rs 27.8 crore. Revenue rose 41.1% year on year to Rs 295.9 crore from Rs 209.7 crore. Profit was Rs 13 crore a year earlier. The stock has been recovering from a correction, forming higher lows and higher highs. However, the chart looks like a bearish flag, which can signal a pause before another decline. The latest closing price was not supplied, so the distance from Rs 410 cannot be assessed. In my view, the recovery remains vulnerable while this pattern holds. A close above Rs 410 would weaken the bearish flag. A fall below Rs 356 would put further weakness in view. Rs 356 remains the key support in this setup. Watch price behaviour around Rs 405- 410 and Rs 356. A sustained move above Rs 410 would change the chart reading. A break below Rs 356 would weaken the recovery. Stance: bearish while price holds below Rs 405, with Rs 356 as the key support. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.