Need a blockbuster stock for a portfolio, have a look at this stock.

Need a blockbuster stock for a portfolio, have a look at this stock.

by 5paisa Research Team Last Updated: Dec 11, 2022 - 01:25 am 33.4k Views
Listen icon

INOX Leisure or INOX Movies is an Indian movie theater chain. It operates approximately 100 multiplexes and 389 screens in over 54 cities making it a pan-Indian multiplex chain.

The cinema theater was badly impacted by the pandemic before but after lockdown relaxation from the government to start cinema theater with full strengths in some states will be a good factor for this entertainment sector.

The stock of INOX Leisure has witnessed a breakout of ascending trendline, adjoining the highs of december, January and march on the weekly chart. Furthermore, the breakout was witnessed with a sizeable bullish candle, which was accompanied by above-average volumes. It has advanced approx. 13% on weekly basis, hence it has relatively outperformed the broader market indices.

On the daily chart, the stock open gap up and advanced 6.10% on Friday’s trading session. It has made 52 weeks high and closed at Rs. 469.70 levels. The 52 weeks high breakout witnessed a bullish candle with open price equals to low price. When open price is approximately equals to low price, it indicates upward direction of the stock.

As the stock has witnessed both 52 weeks high and ascending trendline breakout, shows bullish momentum ahead. Meanwhile, the stock is up by 16.67% on an MTD basis while on a YTD basis, it is up by 32.93%.

ll the major indicators are confirming bullish directions in all the time frames. The 14-period RSI has marked a fresh 14-period high; it’s above the 60-mark on both daily and weekly charts showing super bullishness and pointing northwards, which thus supports the positive bias. The MACD line is trading above its signal line and zero line, which indicates a positive trend in the stock. Moreover, the MACD histogram is rising steadily and is above its prior high.

The trend of the stock shows bullishness. It is likely to continue its bullish momentum ahead.

Share Market Today

How do you rate this article?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.

Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest News
Paytm Share Price Surge 5% After Discontinuing Inter Company Pacts with PPBL

At 2.25 pm today, shares of One97 Communications the parent company of the renowned Paytm brand surged by 5% reaching ₹423.45.

NTPC Enters JV Agreement with Maharashtra State Power Generation

NTPC Green Energy Limited, a subsidiary of NTPC Limited, has partnered with Maharashtra State Power Generation Company Limited (MAHAGENCO) to lead the development of renewable energy parks in Maharashtra.

Happiest Minds Partners with Secureworks for Advanced XDR Services

Happiest Minds Technologies has recently announced its collaboration with the Secureworks Global MSSP Partner program to address the escalating need for Extended Detection and Response (XDR) services worldwide.