The stock which is part of the S&P BSE Smallcap Index rose from Rs As of 23:45 December 2022 Rs On 23:39, 619 records January 2023, which is a 38% upside
The Stocks of smallcaps hit a 52-week record Rs 628 on 19 January 2023. It In the last three months, it rose more than 4 percent in a week and 40 percent in the last three months.
The Recent price action helped the stock breakout from a Pennant Formation on the weekly charts Pennant This is a similar triangle to a symmetrical one, with very few differences.
A pennant can usually be formed in 10-15 days. Pennant It can be achieved by simply combining straight lines that match the highs or lows of the bars between them. Also Read
In In terms of price action the stock trades well above most of its crucial short and longer term moving averages like 5,10,30 and 50,100. This is a positive sign that is good for the bulls.
The Relative Strength Index The (RSI) stands at 73.4. RSI greater than 70 is considered to be overbought. This This could mean that stocks may pullback. MACD If it is higher than its signal line and center, it is a bullish indicator.
“The stock price of Surya Roshni started its up move from Rs 60 (April 2020) to Rs 861 (Oct 2021) making a series of higher tops and higher bottoms, supported by volumes,” Bharat Gala, President – Technical Research,
“During the move, the stock continuously traded above averages. Thereafter, the stock was corrected to Rs 333 in August 2022. The stock traded in a range (Rs 300-600) from November 2021 to December 2022 and has recently formed four positive weekly candles,” He stated.
“A Pennant pattern breakout is visible in the stock. Recently, the stock made a high of Rs 629, above the recent swing high. The Aroon Up/Down, MACD & KST Indicators indicate buying strength in the stock,” highlighted Gala.
“The possible targets are Rs 800-1,000. If the stock price corrects downwards the buy levels are Rs 585-558-537-515-503. A stop loss to be observed in the trade is Rs 480,” He recommends.
(Disclaimer: RecommendationsThe opinions, suggestions, and views of the experts are entirely theirs. These These views do not reflect the views of Economic Times)