Top buzzing stock: Data Patterns Ltd

Top buzzing stock: Data Patterns Ltd

by 5paisa Research Team Last Updated: Apr 12, 2022, 12:56 PM IST

The stock of DATAPATTNS is extremely bullish and has gained over 4% today.

Data Patterns (India) Ltd is a vertically integrated defence and aerospace electronics solutions provider. The Company manufactures electronic boards and systems.

The stock of DATAPATTNS is extremely bullish and has gained over 4% today. With this, it has hit a fresh all-time high of Rs 922.40. It was listed on the exchanges towards the ending stage of 2021 and received a bumper listing over its issue price. However, the stock struggled to keep the momentum and hit the swing low of Rs 575. But thereafter, the stock made a dramatic recovery and gained about 60% in a few trading sessions. On the technical chart, the stock has formed a bullish candle for the eighth consecutive trading session and thus, displays strong bullish momentum. Also, the stock has recorded above-average volume during this period, which was found to be greater than the 10-day and 30-day average volume.

Along with its strong price structure and volume, several technical parameters point their pointers towards the bullishness of the stock. The 14-period daily RSI is placed just below 80 and indicates strong strength. The trend indicator ADX has surged past 33 and points northwards. This is a sign of extreme bullishness and strong trend strength. The OBV also has a similar structure and indicates strong strength from the volume’s perspective. Thus, the picture is bullish overall. The stock has performed exceptionally well in recent times.

On YTD basis, the stock has generated about 18% wealth to tits shareholders while its one-month performance stands at a stupendous rise of 35%. It has outperformed the broader market during this period and is expected to trade higher in the coming days. It has the potential to gain another 5-10 in a short period. Moreover, it presents a good opportunity for swing trading as justified by a strong price structure and volume. Traders can expect decent gains from this stock in times to come.

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SENSEX
54,587.80
269.33 (0.50%)
Nifty 50
16,346.35
87.05 (0.54%)
Nifty Bank
34,546.15
244.25 (0.71%)

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