Top buzzing stock: Coromandel International Ltd

Top buzzing stock: Coromandel International Ltd

by 5paisa Research Team Last Updated: Apr 29, 2022 - 05:12 pm 29.9k Views
Listen icon

The stock of COROMANDEL is bullish and has surged over 3% on Thursday.

Coromandel International is a midcap company, engaged in the manufacture and trading of farm inputs consisting of fertilizers, crop protection, speciality nutrients and organic compost. With a market capitalization of about Rs 25800 crore, it is one of the strong growing companies in its sector.

The stock of COROMANDEL is bullish and has surged over 3% on Thursday. With this, it has given a breakout from its downward sloping trendline with heavier volume. After a gap-up opening, the stock continued to trade higher and hit a high of Rs 885. On the technical chart, the stock has formed a strong bullish candle and is trading at a day’s high. Since its prior swing low of Rs 810, the stock has gained over 9% in just three trading sessions, thus displaying strong bullish momentum. Along with this, the volume recorded during this period were above average and today’s volume is found to be greater than the 10-day, 30-day and 50-day average volume. This pretty much justifies the bullish price structure of the stock.

The 14-period daily RSI (65.97) has crossed above its prior swing high. Thus, price and RSI, both moving above their respective swing highs is a sign of bullishness. The +DMI is well above its -DMI and ADX pointing upward is a bullish sign. Interestingly, the On Balance Volume (OBV) shows similar characteristics as that of RSI and indicates strong strength from the volume’s perspective. Moreover, Elder Impulse system and KST maintain a buy signal.

In the past, the stock has gained about 15% on a YTD basis, Moreover, in one-month performance stands over 9%. During this period, it has outperformed the broader market and most of its peers. Considering the above points, the stock is expected to trade higher in coming days. It has the potential to test the levels of Rs 900, followed by Rs 925 in times to come. Also, it presents a good opportunity for swing trading.

Also read: High momentum stocks to watch on Friday

Share Market Today

How do you rate this article?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.

Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest News
What you must know about DOMS Industries IPO?

DOMS Industries Ltd was incorporated in the year 2006 as a stationery and art product company. The company is primarily engaged in designing, developing, manufacturing, and selling a wide range of stationery products under the flagship brand, DOMS.

DOMS Industries IPO GMP (Grey Market Premium)

About the DOMS Industries IPO DOMS

What you must know about Presstonic Engineering IPO?

Presstonic Engineering Ltd was incorporated in the year 1996, so the company has a pedigree of close to 28 years in the business.