Top buzzing stock: Tube Investments of India Limited
The stock of TIINDIA is extremely bullish and has surged nearly 5% in today’s trading session.
Tube Investments of India Limited is an India-based mobility-focused manufacturing company. With a market capitalization of about Rs 32250, it is one of the strong growth company in its sector. The stock is the focus lately due to its strong movement.
The stock of TIINDIA is extremely bullish and has surged nearly 5% in today’s trading session. With this, it has crossed above its short term resistance of Rs 1630 level. It attracted strong buying interest at lower levels and jumped sharply from there. It has crossed above its 50-DMA and 100-DMA with huge volume. On the technical chart, the stock has gained over 15% since its prior swing low of Rs 1456.50 in just eight trading sessions. Thus, the price structure is pretty bullish.
Along with its strong price structure, several technical indicators point towards the bullishness of the stock. The 14-period daily RSI is placed just below 60 and is above the prior swing high. The MACD histogram is rising steadily and shows a good trend of the stock. Interestingly, the On Balance Volume (OBV) has hit a higher high and indicates strong trend strength from the volume’s perspective. Moreover, the Elder Impulse System has signalled a fresh buy. It trades above all the key short and long term moving averages and looks bullish.
Moreover, the short term performance of the stock is quite phenomenal. In one month, the stock has generated about 10% returns and has outperformed the broader market and most of its peers. Considering the above points, the stock is expected to trade higher in upcoming days. It has the potential to test the levels of Rs 1750, followed by Rs 1800 level. Moreover, it is a good candidate for swing trade. Short term traders and positional traders can expect decent returns in the short to medium term.
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