This healthcare midcap stock soared over 5% despite sell-off in Indian market! Do you own it?

This healthcare midcap stock soared over 5% despite sell-off in Indian market! Do you own it?

Indian Market
by 5paisa Research Team Last Updated: 2022-08-29T11:49:37+05:30

POLYMED zoomed over 5% amid strong buying on Monday

Despite the severe sell-off in Indian indices as global cues worsens, the stock of Poly Medicure has seen fresh buying interest from the traders as it jumps over 5% on Monday’s trading session. With this, it has registered a strong price volume breakout and is above its 100-DMA. It traded in a confined range of Rs 710-Rs 790 for over 2 months and has surged above its upper limit with above average volume. Interestingly, the volumes in the past 2 trading sessions were found to be greater than 10-day, 30-day, and 50-day average volume. Moreover, it has moved above its 50% retracement level of its prior downtrend.

Along with its strong price structure, the technical parameters also show bullishness in the stock. The 14-period daily RSI (70.42) is in the super bullish zone and above its prior swing highs. Interestingly, it has been at its 5-month high, which is a positive sign. The ADX (32.85) is in uptrend and indicates strong trend strength. The MACD, too, has indicates a fresh buying interest. The OBV has improved, showing stronger participation in the stock. The Relative strength is positive and overall, the stock has become technically strong. 

With such positively, we expect the stock to claim higher levels of Rs 850, and Rs 900 in medium term. The 200-DMA level placed at 828 shall act as immediate resistance level. Meanwhile, strong support is placed at Rs 740 level. It shows good swing trading opportunities and traders should include it in their watchlist to track its further movement. 

Poly Medicure works in the production of high-quality medical devices in 8 state-of-the-art manufacturing facilities across the world. The company has been recognised as the Largest Exporter of Medical Devices from India for six years in a row. With the market capitalisation of about 7700 crore, it is one of the strong growing company of its sector.   


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