CAMS registers a strong price volume breakout; what does it mean for traders?
CAMS has jumped nearly 4% during the initial hours of Thursday’s trading session.
The Indian indices have been volatile from the past many weeks, thanks to the globally induced volatility. Stock specific action is watchful recently as quality midcap and Smallcap stocks are cherry-picked by the investors. The stock of Computer Age Management Services (NSE Code: CAMS) has registered a strong price volume breakout by soaring nearly 4% amid strong buying interest from the market participants. It has been in a sharp uptrend recently and has jumped nearly 10% in the past 4 trading sessions. With this, it has also crossed above its prior showing high and trades above all its key moving averages. The 14-period daily RSI (66.93) is in bullish territory and above its prior swing high, which is a bullish sign. The MACD had indicated a bullish crossover recently and a strong upside is possible. The OBV is rising steadily and shows increasing buying activity. The +DMI is well above the -DMI. Overall, the stock is technically strong, backed by above average volumes. The volumes have been massive this week and indicates strong buying sentiment.
Huge spurt in volume is prominently due to the company’s plan to hike equity investment in its subsidiary. The board is expected to meet on October 17 for considering enhancing its equity investment in CAMS Financial Information Services.
CAMS has been India's largest Mutual Fund Transfer Agency serving over 69% of assets of the Indian mutual fund industry. As an integral part of the India's financial infrastructure, CAMS has built a reputation as the leading Transfer.
Talking about the stock’s performance, the stock has jumped over 15% in the past 3 months, as fresh interest is seen in buying this stock. With such bullish momentum, traders can expect the stock to appreciate in times to come. Momentum traders, as well as long term investors can include this tock in their watchlist to track its further progress!
About the Author
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial. Also, The
Start Investing Now!
Open Free Demat Account in 5 mins