Praj Industries witnesses a breakout of nearly 9-month-long consolidation with high volumes!

Praj Industries witnesses a breakout of nearly 9-month-long consolidation with high volumes!

by 5paisa Research Team Last Updated: Dec 14, 2022 - 12:06 am 14.2k Views
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The stock has jumped up over 8% on the back of robust volumes. 

Praj Industries Ltd has grown to become one of the most reputed and technologically advanced biotechnology and engineering companies in the world. Offering a bouquet of sustainable solutions for bioenergy, high purity water, critical process equipment, breweries and industrial wastewater treatment. Known for its TEMPO (Technology, Engineering, Manufacturing, Project management, and Operations & Maintenance) capabilities.

The stock has jumped up over 8% on the back of robust volumes. The total traded quantity of the day is nearly 35 lakh shares so far which is the highest single-day traded volume since mid of April. 

The stock on the daily chart has formed an opening bullish Marubozu candle as the candle has no lower shadow as the open and low are identical. 

The stock has witnessed a breakout of a nearly 9-month long stage 1 consolidation pattern which has a depth of over 35%. As the stock is trading at life time high levels, it is above all the short and long-term moving averages. It is also meeting Guppy Multiple Moving Average (GMMA) set up by Daryl Guppy. 

Interestingly, from an O’Neil methodology perspective, the stock has an EPS Rank of 93 which is a great score indicating consistency in earnings, an RS rating of 61 which is improving and buyer demand at A- which is evident from recent demand for the stock. A master score of B is close to being the best. 

The triple-digit growth in sales, EPS in the recent quarter and the 18% Return on Equity (RoE) is showing the fundamental strength of the company. The above-average volume and the new high with a flat base breakout indicate further bullishness in the stock. The stock is 1% above the pivot point. Interestingly, the stock is also meeting the Warren Buffet rules of investing. 

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