This auto ancillary stock soared over 25% in just 2 weeks! Do you hold it?

This auto ancillary stock soared over 25% in just 2 weeks! Do you hold it?

Indian Market
by 5paisa Research Team Last Updated: 2022-09-09T13:10:16+05:30

Tube Investments of India share price soared from Rs 2150 to Rs 2730 in just 2 weeks. 

The Indian indices remained strong for the second consecutive day amid positive global cues. Buying emerged in the midcap segment and the midcap stocks are currently the top performers. 

Meanwhile, Tube Investment of India, an auto ancillary stock, has hit a fresh all-time high of Rs 2755 as strong buying interest from the past two weeks led to over 25% of an astonishing rally. The volumes witnessed during this period turned out to be above average, and greater than the 10-day and 30-day average volume. On the technical chart, the stock had formed a higher high and higher low, which is a sign of bullishness before surging one way up. 

Along with its positive price structure, the momentum oscillators and technical parameters indicate bullishness. The 14-period weekly RSI (76.66) is in the super bullish zone and shows strong strength over the medium term. Meanwhile, the 14-day ADX (37.72) shows a stronger uptrend. The MACD histogram is rising continuously for the past 7 trading sessions, thus indicating a strong upside. The OBV is at its peak and demonstrates strong buying interest from the traders. The Relative Strength is quite positive, and the stock has outperformed the broader market. The Elder Impulse system has formed consecutive bullish bars, which is deemed positive. In a nutshell, the stock is technically bullish and is expected to trade on the same lines for the short to medium term. 

In the past 3 months, the stock has jumped nearly 80% and is one of the top trending stocks recently. Traders, as well as long-term investors, can consider including it in their watchlist to track its further development. 

Tube Investments of India Ltd is engaged in the manufacturing of precision steel tubes and strips, car doorframes, automotive and industrial chains, and bicycles. With a market capitalization of just over Rs 50000 crore, it holds a strong presence in its sector. 

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