This multibagger stock has zoomed 250% in less than 3 years; Do you own it?
RHI Magnesita is a proven multibagger stock, having increased shareholders’ wealth by over 250% in less than 3 years!
Despite the volatile session and weakness in the Indian indices ahead of the Fed event, stock-specific action continued as strong buying is seen across selected stocks. RHI Magnesita (RHIM) shares have soared over 6% during Wednesday’s trading session amid strong buying interest from the traders. The FIIs have increased their stake for the third consecutive quarter, which is a positive sign. Over the past 3 years, the stock has been a proven multibagger, having increased shareholders’ wealth by over 250% during this period.
On Wednesday, the stock registered a strong price volume breakout on the technical chart. It has broken out from its 22-week cup pattern with above-average volume and has hit a fresh all-time high level of Rs 698 level on NSE. The volume rose multifold and is greater than the 30-day and 50-day average volume. Overall, the price structure is quite bullish.
Also, the stock is strong from a technical perspective. The 14-period daily RSI (77.37) is in the super bullish zone and shows strong strength. The ADX (38.96) is on a rise and shows strong trend strength. Moreover, The OBV has risen sharply which indicates rising buying interest in the stock. The Elder Impulse system has charted bullish bars while TSI and KST are also bullish. In a nutshell, the positive price pattern and bullish technical parameters indicate a stronger upmove from here on.
Swing traders, as well as long-term investors, can keep an eye on this stock to track further progress.
RHI Magnesita India, a midcap company, is the leading supplier of high-grade refractory products, systems and solutions which are indispensable for industrial high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a market capitalisation of about Rs 11,100 crore, it is one of the strong growing companies in its sector.
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