Trending stock for the day: PVR Ltd

Trending stock for the day: PVR Ltd

by 5paisa Research Team Last Updated: 2022-03-25T13:25:57+05:30

The stock of PVR is in a strong trend today and has gained about 5% on Friday.

PVR Ltd is engaged in the business of film exhibition. The company operates other ventures such as providing content, film distribution and entertainment park through its subsidiaries. It is a midcap company with a market capitalization of Rs 11500 crore.

The stock of PVR is in strong trend today and has gained about 5% on Friday. It has hit a fresh 52-week high of Rs 1863.55 today and continues to trade near the day’s high. On the technical chart, the stock has formed a strong bullish candle with a slight gap-up. With today’s strong price action, the stock has recorded a huge volume of about 1.9 million till the first half of the session. Since its prior swing low of Rs 1485.55 hit on March 07, 2022, the stock has gained over 25% in a few days, demonstrating strong bullishness lately.

The 14-period daily RSI has entered the super bullish territory, while the trend indicator ADX also suggests a strong uptrend and point northwards. Interestingly, the On Balance Volume has hit a fresh high and indicates strong strength from a volumes point of view. The other momentum oscillators also point towards the strong bullishness of the stock.

Analyzing the past performances, we find that the stock has generated about 43% returns on YTD while in one month, it has gained over 16%. Thus, it has outperformed the broader market and its peers by a huge margin during this period. The above points sum up the strong uptrend of the stock.

Considering the overall bullishness, the stock is expected to trade higher in coming days. It has the potential to test the levels of Rs 1880, followed by Rs 1900 in short to medium term. Moreover, it is a good candidate for swing trading. In a nutshell, short term traders and positional traders can expect decent gains.

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