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