Top Buzzing stock: Inox Leisure
INOX Leisure Limited is a smallcap company, which operates approximately 100 multiplexes and 389 screens in over 54 cities making it a pan-Indian multiplex chain.
With a market cap of about Rs 5000 crore, it is one of the promising company in the entertainment industry. The company is focusing to get its business on right track with the opening of cinema halls and theatres.
The stock shows bullish sentiment on the technical chart. It has formed a strong bullish candle on Monday with an open=low scenario and has surged over 5.5%. With this, the stock has surged over its previous day’s high. It had taken support at its 20-DMA and has risen about 12% in four trading sessions. Above-average volumes were recorded during this period which demonstrates increasing participation in the stock. Several technical parameters highlight its bullishness, such as RSI which is already trading above 60. MACD line is well above the zero line and signal line, indicating bullish momentum of the stock. Moreover, the Elder Impulse System has given a fresh buy signal. The stock trades above all the key short term and long term moving averages. The difference between the spot price and the 20-Day short-term moving average is over 10%, which indicates high momentum on the upside.
In a short period of one month, the stock has delivered over 17% and has outperformed most of its peers and sector. It is approaching its prior swing high of Rs 420 and interestingly, this level happens to be 61.8% Fibonacci retracement. With such bullishness, the stock is expected to surge above this level. With stronger volumes, it has the potential to test 450 levels, followed by the all-time high level of Rs 465. Traders can consider this stock with a view for the short to medium term, as bullishness is validated by technical parameters, as well as strong price action.
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