Top buzzing stock: Sharma Cropchem Ltd
The stock of SHARDACROP is extremely bullish today and has soared over 8%.
Sharda Cropchem Limited is a crop protection smallcap chemical company. With a market capitalization of about Rs 5000 crore, it is engaged in the marketing and distribution of a range of formulations and generic active ingredients. The stock has attracted traders’ attention due to its recent upmove.
The stock of SHARDACROP is extremely bullish today and has soared over 8%. It opened with a gap-up and continued to surge higher as the day progressed. On the technical chart, the stock has formed a bullish candle with its open=low scenario. It has hit the day’s high at Rs 584.50 and currently trades near it. Recent its recent swing low of Rs 515, the stock has gained over 14% in just two trading sessions. Along with today’s strong price action, the stock has recorded huge volume which is found to be greater than the 10-day, 30-day and 50-day average volume, thus indicating strong trading activity.
Several technical parameters point towards the bullishness of the stock. 14-period daily RSI is placed just below 60 and is above the prior swing high. Also, the MACD has given a bullish crossover. Interestingly, the On Balance Volume (OBV)n has hit a higher high and indicates strong strength from volume’s point of view. Moreover, the stock trades above all the key short term and long term moving averages, and thus possess strong upside potential.
The stock has performed exceptionally well in the past. To justify this, the stock has generated returns of over 60% on YTD and thus beat the market expectations. Considering the above points, the stock is expected to trade higher in the coming days. It has the potential to test the levels of Rs 600, followed by Rs 620 in the short to medium term. Moreover, it is a good candidate for swing trading. Positional traders can expect decent gains from the stock.
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