Top buzzing stock: Quess Corp Ltd

The stock of QUESS has surged over 7% today and is above its short term resistance level.

Quess Corp Limited provides business services across Global Technology Solutions, Industrial Asset Management, and Integrated Facilities Management. It is a strong-growth midcap company with a market capitalization of Rs 9500 crore. The stock is in limelight because of its recent run-up.

After registering a low of Rs 634.05, the stock has received buying interest at lower levels, and it has gained about 16% in just three trading sessions. It had corrected significantly from its 52-week high but looks to change the picture as it has gained about 40% since the low of March. Moreover, volumes are on a rise, indicating buying interest emerging in the stock. It trades above its short term moving average of 20-DMA and 50-DMA.

Along with its strong price action, several technical indicators point towards bullishness. The 14-period daily RSI (62.95) is in the bullish territory and marks strength in the stock. It had crossed above its 9-period average two days earlier and has signalled a beginning of an uptrend. Meanwhile, MACD has signalled a bullish crossover. The +DMI is well above the -DMI and indicates strong uptrend of the stock. Interestingly, the OBV has crossed above its prior swing high and indicates strong participation in the stock from the volume’s perspective. The Elder Impulse System and KST maintain a buy signal.

Despite the poor medium-term performance, the stock looks to bounce back from its terrible performance. In one month, it has gained over 20% and has outperformed its peers and the market. Thus, the stock is expected to do well in the near term considering the above points. Moreover, it presents a good opportunity for swing trading. Traders can expect decent gains from this stock in the near term, as validated by technical analysis.