Don’t miss action in this low-priced textile stock which has entered unchartered territory!
The primary focus of the company is the African market and is exporting to the African continent for the last 25 years.
Weizmann Limited’s core business is Textile Processing and Exports. It has a composite Textile Processing and Manufacturing Facility on 15,175 sq. mt land at Vatva Road, Narol, Ahmedabad. The Manufacturing facility has an installed capacity to manufacture 24 million meters per annum.
The primary focus is the African market and the company has been exporting to the African continent for the last 25 years. The product range for Africa includes Cotton Voiles, Pracale and African Prints.
To continue to grow and innovate, the company has invested in R&D and has successfully developed technology to emboss textiles after the printing process as well as create a unique tie and dye effect in its products for export. The company also undertakes to process on job work basis.
Interestingly, the opening and the low of the day stand identical at the level of Rs 92.05. From here, there was no looking back as the stock went from strength to strength and it is currently trading with a staggering gain of over 17%. With this strong up-move, the stock has registered a fresh lifetime high on the back of the robust volume. The total volume for the day has surpassed over 4 lakh shares, which is the highest single-day volume in the last many days. Moreover, it has almost seen a fourfold rise when compared to its 10-day average volume.
Technically, the stock had seen a ‘Golden Crossover’ in the early part of September and considering it is trading at a lifetime high it is trading above its all-key moving averages. All of them are trending up and at the same time, there is a desired sequence, which suggests the trend is strong.
The stock's Relative Strength Index (RSI) has reached its highest value in the last 14-days, which is bullish. Also, it has managed to close above its prior swing high. The daily MACD is in an up trend and is seen rebounding taking support at its nine periods average thus validating positive bias in the stock. The trend strength indicator, Average Directional Index (ADX) is at 47, which shows a strong strength in the trend. ADX is in an up-trending mode, while the +DI is much above the -DI. This structure is indicating the bullish strength in the stock.
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