Top Buzzing Stock: Supreme Industries

Top buzzing stock: Supreme Industries

by 5paisa Research Team Last Updated: Dec 10, 2022 - 04:31 pm 36.6k Views
Listen icon

The stock has witnessed tremendous buying at lower levels and has surged about 2.5% on Tuesday.

The Indian indices on Tuesday saw a massive gap-down opening amid bad global cues. The advance-decline ratio has largely turned in the favour of bears and thus, the overall market sentiment is in bad shape. However, some stocks have turned out to be the top supporters in lifting the market. One such stock is Supreme Industries, which has attracted huge buying interest today and has gained momentum despite bad sentiment in the market. Such stocks attract the attention of the traders and become one of the top trending stock for the day.

The stock was under selling pressure for quite some days and has lost about 10% since its recent high. However, the stock has witnessed tremendous buying at lower levels and has surged about 2.5% on Tuesday. On the daily timeframe, the stock has formed a bullish engulfing candle which is a sign of reversal. With today’s surge, the stock hovers around its 20-DMA. The daily MACD has given a bullish crossover while the 14-period daily RSI has also jumped above the prior swing high. The other momentum oscillator and technical indicators also point towards the improved strength in the stock.

Today’s price action is supported by above-average volume, which is greater than 10-day and 30-day average volume. This highlights larger buying interest among the market participants. The stock is trading in the oversold region and the stock shows signs of bottoming out. Medium-term and positional traders have got an excellent opportunity to trade in such oversold stocks having favourable risk-to-reward ratio.

Supreme Industries Ltd is a midcap company, engaged in the manufacturing of plastic products, moulds, and Cross-Laminated Films. The company owns the largest plastics processors in India. With a market capital of about Rs 25000 crore, it is one of the strongest company in its sector.

 

Also read: Top trending stock: Torrent Pharma

Share Market Today


How do you rate this article?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

378X91-D3

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest News
What you must know about M.V.K. Agro Food IPO?

M.V.K. Agro Food Product IPO was incorporated in the year 2018 to manufacture integrated sugar and other related products. M.V.K.

Juniper Hotels IPO Subscribed 2.08 times

The stock of Juniper Hotels IPO has a face value of ₹10 per share and the price band for the book building IPO has been set in the range of ₹342 to ₹360 per share. The IPO of Juniper Hotels Ltd will entirely a fresh issue of shares with no offer for sale (OFS) component.

Esconet Technologies IPO Lists 245.24% higher, but closes at -5% lower circuit

Bumper listing for Esconet Technologies IPO, then lower circuit