Top buzzing stock: Bombay Stock Exchange Limited
The stock of BSE is bullish and has risen over 5% in the initial hours of Friday's trading session.
After a correction of about 20% since its all-time high, the stock consolidated and formed a base near its 50-DMA. In the past two trading sessions, the stock received strong buying interest and has jumped about 10%. During this period, above-average volumes were recorded which were greater than 10-day, 30-day and 50-day average volumes. Moreover, it has also crossed above its 20-DMA and is now trading above all the key moving averages. Interestingly, the stock is seen forming a bullish engulfing pattern on the weekly timeframe, which is an early sign of reversal.
The 14-period daily RSI (58.62) has crossed above its prior swing high and shows bullishness. The MACD is about to signal a buy while the Elder Impulse System has already indicated a fresh buy in the stock. Interestingly, the On Balance Volume (OBV) has risen swiftly and indicates a sharp rise in strength from the volume’s perspective. The +DMI is well above the -DMI and indicates strong trend strength. As per the Guppy’s Multiple Moving Averages (GMMA), the stock has a bullish nature. It is about 3.5% above the 20-DMA and 53% above its 200-DMA.
In the past, the stock has performed exceptionally well. On a YTD basis, it has increased the shareholder’s wealth by 42% and has also outperformed the broader market by a huge margin. Considering the strong price structure, and bullish technical parameters supported by above-average volumes, the stock is expected to trade higher in the coming days. It has the potential to test its all-time high level of Rs 1046.65 in the short to medium term. Moreover, it presents a good opportunity for swing trading. Traders can expect good gains in the near term in this stock as per the technical analysis.
Share Market Today
| Indices Name | Price | Price Change (% change) |
|---|---|---|
| S&P ASX 200 | 7638.10 | 24.4 (0.32%) |
| CAC 40 | 8023.26 | 41.75 (0.52%) |
| DAX | 17837.40 | 67.38 (0.38%) |
| Dow Jones | 37775.38 | 22.07 (0.06%) |
| FTSE 100 | 7882.83 | 22.74 (0.29%) |
| Hang Seng | 16385.87 | 0 (0%) |
| US Tech Composite | 15606.50 | -81.87 (-0.52%) |
| Nikkei 225 | 38079.70 | 0 (0%) |
| S&P 500 | 5011.12 | -11.09 (-0.22%) |
| Gift Nifty | 22015.00 | -97 (-0.44%) |
| Shanghai Composite | 3074.22 | 0 (0%) |
| Taiwan Weighted | 20301.20 | 87.87 (0.43%) |
| US 30 | 37750.60 | -4 (-0.01%) |
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