Top Buzzing stock: Kennametal India

Top Buzzing stock: Kennametal India

by 5paisa Research Team Last Updated: Dec 10, 2021, 01:18 PM IST

Debuted on the exchange in August 2019 at the price of 970, the stock has enjoyed a fantastic run so far.

Kennametal India Limited is a manufacturer of hard metal products and machine tools for the manufacturing industries, including auto and auto ancillaries, light and general engineering industries. It provides its solutions to aerospace and defence, earthworks, energy, chemical, power generation, and transportation. It is a small-cap company with a market cap of Rs 4,018 crore.

Fundamentally, the company is quite strong, having delivered higher than industry revenue growth and net income for five years. It has also captured much of the market share in the past five years indicating strong business practices of the company. To add further, promoters hold a majority stake of 75%. This shows that the promoters believe in the bright future of the company.

The stock has delivered exceptional returns of 114.61% to its investors since the start of the year. On the medium period of three months, the stock performed well delivering 26.33% returns.

Debuted on the exchange in August 2019 at the price of 970, the stock has enjoyed a fantastic run so far. The stock is 1.47% up and has recorded an all-time high of 1842 today. To date in December, the stock is up almost by 20%, showing its power. On a weekly timeframe, the stock has never closed below the 20-WMA since the first week of November. The RSI on the daily timeframe is in the super bullish territory. The ADX, which is a trend indicator, is rising and shows a strong uptrend at 26. The difference between the stock price and 20-DMA is 13.8%, which tells about the solid momentum the stock possesses. In the past 6 trading sessions, the stock has recorded huge volumes which validates our bias towards a strong uptrend.

Huge volume, along with good price action, indicates the bullishness of the stock for the short to medium term and one must make use of this opportunity to make some good profits.

SENSEX
52,792.23
-1,416.30 (-2.61%)
Nifty 50
15,809.40
-430.90 (-2.65%)
Nifty Bank
33,315.65
-848.05 (-2.48%)
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SENSEX
52,792.23
-1,416.30 (-2.61%)
Nifty 50
15,809.40
-430.90 (-2.65%)
Nifty Bank
33,315.65
-848.05 (-2.48%)

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