Top trending stock: GNFC Ltd
The stock of GNFC has rallied over 15% on 7 February 2022 on account of strong results. The company reported an increase of over 90% in its net profits on a YoY basis for the December quarter.
The stock has hit a fresh 52-week high of Rs 531.30. On Monday morning, it opened higher about 10% and continued to rally and has added another 6% in its share value. Such strong price action is met with a huge volume of about 1.12 crores. Such volume has never been registered in the past few years. With such a strong price structure and volume, the 14-day daily RSI has entered bullish territory. Moreover, it has taken out its prior swing high. As RSI and the stock, both have taken out their previous high, it is a sign of bullishness. Moreover, the MACD indicator signals a fresh entry point as the MACD line has crossed the signal line and is placed above the zero line. The moving average is upward sloping, demonstrating the strong uptrend of the stock. The On Balance Volume (OBV) indicates increasing market participation in the stock.
In the past, the stock has delivered about 115% returns despite excluding today’s stock surge. It has outperformed the broader market and most of its sector in the short as well as medium term.
Considering the ongoing bullishness, the stock is expected to continue its momentum on the higher side. It is a perfect opportunity for those traders who wish to make quick profits and enjoy the momentum.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd is a midcap company, engaged in the manufacturing and marketing of chemicals, fertilizers, and information technology. With a market capitalization of Rs 8200 crore, it is one of the promising companies in its sector. With such strong fundamentals, the foreign investors have constantly increased their company’s stake over the last five quarters.
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