Top trending stock: Orbit Exports

Top trending stock: Orbit Exports

by 5paisa Research Team Last Updated: Feb 15, 2022, 12:25 PM IST

Traders can consider taking positions in this stock for quick profits as validated by strong price action and technical parameters.

Orbit Exports Limited is a weaving company and operates through two segments: Windmill Power Generation and Manufacturing of Textile. With a market capitalization of about Rs 330 crore, it is one of the most promising company in its sector. The stock has reported a decent business number in the past and has attracted investors. Promoters hold a major stake in the company, followed by HNIs which have about 25% stake.

On Tuesday, the stock of Orbit Exports has surged over 8% in the first hour of the trade. It has taken out its prior day’s high and currently trades above it. It recorded its 52-week high at Rs 134.80 a few days back but fell about 20% since then. However, in the last two days, the stock has witnessed huge buying momentum and has soared more than 10% during the period. With today’s strong price action, the 14-period daily RSI has entered bullish territory. Moreover, the ADX at 40 indicates a strong trend strength. The stock trades above all the key short term and long term moving averages. The Elder Impulse System has also given a fresh buy signal. The bullish indication of technical parameters is validated by rising volumes. The past two days have recorded more than 30-day and 50-day average volumes, which highlights larger participation in the stock.

Surprisingly, the stock has delivered about 77% returns on a YTD basis and has outperformed the broader markets and its peers by a huge margin. This shows the strong bullishness of the stock in the near term. Considering ongoing bullishness, the stock is expected to continue its momentum on the higher side. Traders can consider taking positions in this stock for quick profits as validated by strong price action and technical parameters. However, a word of caution as the stock has made volatile moves in the past, so high-risk traders are requested to consider their position sizing accordingly.

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SENSEX
54,705.47
379.08 (0.70%)
Nifty 50
16,341.50
75.35 (0.46%)
Nifty Bank
34,609.40
333.00 (0.97%)

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