This stock is the top gainer of Nifty 500 index after the company reported strong profit numbers!

This stock is the top gainer of Nifty 500 index after the company reported strong profit numbers!

by 5paisa Research Team Last Updated: 2022-05-26T15:00:04+05:30

The stock of ITI has surged over 11% on account of strong net profit numbers posted by the company. 

ITI limited reported a net profit of Rs 356.06 crore in Q4FY22, a robust growth of 78% YoY. EDITBA has also risen by 73% and stands at Rs 422.82 crore. Despite the sales being down by nearly 10% YoY, the stock has managed to cheer investors. 

After today’s surge, the stock has recorded strong buying interest from the market participants and thus, has recorded huge volumes. The volume is found to be over 40 times the previous day’s volume. It is currently the top gainer among the Nifty 500 universe and is trading at a day’s high. Since its recent swing low, the stock has jumped over 15%. 

The stock was undergoing strong bearishness as it had fallen nearly 20% from its prior swing high. However, the chance of reversal is on cards after today’s price action. The technical indicators indicate an improvement in stock’s strength. The 14-period daily RSI (52) has jumped over its prior swing high and indicates improved strength, while MACD has signalled a bullish crossover while the OBV has jumped significantly. 

For the medium-term outlook, the stock needs to take out the 50-DMA level of Rs 96 to claim bullishness. Also, any fall below the 20-DMA level of Rs 89 will term today’s price action as a dead-cat bounce. The stock shows a possibility for reversal and thus, traders must include this stock in their watchlist to track further development. Moreover, traders must wait for a good price action before entering the stock. 

ITI Limited is engaged in the business of manufacturing, trading, and servicing telecommunication equipment and rendering other associated and ancillary services. It is a midcap stock with a market capitalization of Rs 8658 crore. It is expected to be under trader’s radar for some more days. 

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