Top trending stock: John Cockerill India Ltd

Top trending stock: John Cockerill India Ltd

by 5paisa Research Team Last Updated: Apr 23, 2022, 06:09 PM IST

The stock of COCKERILL is extremely bullish as it surged about 9.43% this week.

John Cockerill India Ltd is engaged in the business of designing, manufacturing and installation of cold rolling mills, galvanizing lines, colour coating lines & wet flux lines for ferrous and non-ferrous industries. It is a small-cap company with a market capitalization of about Rs 1000 crore. The stock is in limelight due to recent run-up.

The stock of COCKERILL is extremely bullish as it surged about 9.43% this week. On the weekly technical chart, the stock closed above its strong horizontal resistance of Rs 1750. With this, it has hit a fresh 52-week high of Rs 1780 on Wednesday. On the daily chart, the stock is trending stronger and has gained about 17% in just eleven trading sessions. Moreover, the volume recorded on Wednesday was found to be greater than 10-day, 30-day and 50-day average volumes, indicating strong trading activity in the stock. Also, the stock has given a breakout from its ascending triangle pattern which is a strong sign of bullishness.

The 14-period daily RSI is placed in the bullish territory and indicates strong strength. The trend indicator ADX points northward and +DMI is well above the -DMI. The MACD had signalled a bullish crossover two trading sessions back. Interestingly, the On Balance Volume (OBV) indicates a similar view as that of RSI and shows strong strength from the volume’s point of view.

The stock has performed exceptionally well in the past. It has generated about 70% returns to its shareholders this year and has outperformed its peers. Moreover, the one-month performance stands at a decent 10%. With its breakout, the stock is expected to trade higher in coming days. It has the potential to gain another 5-10% in short period. Meanwhile, it provides an excellent opportunity for swing trading. Thus, the stock will be in focus for next week and strong buying interest can be seen.

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