TVS Motor Company registers strong price volume breakout! What does it mean for traders?
The stock of TVS Motor has jumped nearly 4 per cent amid strong buying interest
The Indian market roared on Tuesday amid positive global sentiment. Stock specific action continued to be the focus as top quality stocks saw strong buying interest from the investors. Meanwhile, the stock of TVS Motor Company (NSE Code: TVSMOTOR) soared nearly 4% on Tuesday amid strong buying interest. With this, it has registered a strong price volume breakout and has hit a fresh all-time high level of Rs 1118.40 on NSE. The volumes have been massive lately, which indicates strong buying activity from the institutions. On the longer timeframe, the stock has been in an uptrend for 8 consecutive days!
After such stellar performance, the company has become 6th most-valued motor company, overtaking Hero Motocorp. The company has delivered strong quarterly numbers in recent past despite rising raw material cost and inflation. Many analysts remain optimistic on company’s performance given the festive season and its value products.
As per the technical parameters, the stock is extremely bullish. The 14-period daily RSI (64.64) is in the bullish territory, while the MACD has indicated a bullish crossover. The OBV remains elevated while the Elder Impulse system has indicated a fresh buy. The stock is currently about 6% above its 20-DMA and nearly 42% above its 200-DMA. The +DMI is well above -DMI. The KST and TSI indicators maintain a bullish view over this stock. On YTD basis, the stock has soared 78%, thus outperforming most of the peers and broader market during this period. Overall, the stock is attractive position for momentum traders and long-term investors. Keep an eye on this stock to track its further progress.
TVS Motor Company is a popular two-wheeler manufacturer engaged in manufacturer, distributing and sales of scooters and sports bikes. With the market capitalisation of about Rs 53000 crore, it is one of the top growing company of its sector.
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