Top Buzzing stock: Bombay Stock Exchange

resr 5paisa Research Team 13th December 2022 - 06:07 am
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The stock has outperformed the market when the overall market sentiment is bad.

BSE Limited is a stock exchange company that provides a transparent market for trading in equity, debt instruments, derivatives and mutual funds. The company consists of two business segments: Stock Exchange activity and Depository activity. The company is a midcap company with a market cap of Rs 9,882 crore. The majority stake of the stock is being held by the public, which is almost 90%. The rest is being held by the institutions. Fundamentally, the company has performed well in the last four quarters.

Observing some previous performances, the stock has delivered 256.93% returns on a YTD basis. The three-month performance stands at 79.73% while the short-term performance of one month stands at a whopping 56%. Thus, the stock is extremely bullish in the short as well as medium term.

The stock has outperformed the market in recent times and is scaling newer highs when the overall market sentiment is bad. Today the stock surged by 5% and has hit an all-time high at the 2216 level. In December month alone, the stock has delivered 41% returns to its investors.

On the weekly chart, the stock had taken support at 10-WMA before shooting up. It is going strong in the past three weeks and the RSI on the weekly chart is in the super bullish zone. Coming on to the daily chart, the trend indicator ADX is rising and currently stands at 42. A rising ADX between 25-50 is considered a strong trend. Also, in the last week, the stock has witnessed a drastic increase in volumes, which confirm the bullish momentum. Rising volumes indicate that market participants are showing interest in this stock, and also confirms the validity of technical parameters.

Considering the performance BSE has shown, we can expect the stock to continue its momentum on the higher side. Traders can expect some good returns for the short to medium term.

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