High momentum stock: Hemisphere Properties India Ltd

High momentum stock: Hemisphere Properties India Ltd

by 5paisa Research Team Last Updated: Dec 13, 2022 - 12:46 pm 40.2k Views
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The technical chart of the stock is looking quite bullish as it has surged over 6% on Tuesday, and has crossed above 200-DMA decisively.

The stock has formed a strong base at 125-level, after which it saw an exceptional rally of over 17% in just about 13 trading sessions. To support the bullish nature, the ADX is rising above 24, which indicates a strong uptrend of the stock. Also, +ve DMI is well above the -ve DMI, which supports the strong momentum of the stock. Moreover, the RSI has entered the super bullish zone. The MACD histogram is rising steadily upwards and indicates to sign of halting. Along with this, the Elder Impulse System has given a fresh buy signal. The stock has outperformed the broader market lately, as indicated by the Mansfield Relative Strength indicator. These technical indicators have been validated by the huge volume recorded today. The volume recorded in the initial hour of the session has been over 50 lakhs, which is the highest since many months.

The stock has been quite trendy since last month here it delivered over 15% returns to its shareholders. Moreover, it has outperformed most of its peers during the process.

The share is majorly held by the promotors, who control over 50% of the company’s stake. The HNIs and public hold about 44% while the rest is controlled by the institutions. Moreover, mutual fund houses have also increased their stake in this company last quarter.

Considering the performance the stock has shown, we can expect the stock to continue its momentum on the higher side. The stock is expected to test its short-term resistance of Rs 160 in times to come. Traders can expect some quick profits for the short to medium term as the technical analysis validate our point.

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