What lies ahead for Schaeffler India? Let's find out

What lies ahead for Schaeffler India? Let's find out

by 5paisa Research Team Last Updated: Dec 16, 2022 - 05:03 pm 16.7k Views

SCHAEFFLER is in a strong uptrend, having doubled its shareholder’s wealth in 2022. 

Despite the volatility in the market amidst mixed global cues, Schaeffler India has seen a one-way upward journey in 2022. The stock of SCHAEFFLER is in a strong uptrend and has soared over 100% on a YTD basis, thus doubling shareholders’ wealth.

During Thursday’s trading session, it jumped over 4% and hit a fresh 52-week high level of Rs 3597.55 on NSE. Strong buying in the stock can be quite evident from the fact that above-average volumes have been recorded in the recent past. The volume on Thursday turned out to be greater than the 10-day, 30-day, and 50-day average volume. Moreover, this strong price volume breakout is likely to attract momentum traders.

Along with a positive price structure, the technical parameters indicate strong strength in the stock. The 14-period daily RSI (83.88) is strongly bullish and indicates extreme bullishness for the short term. The MACD is well above the signal line and zero line, indicating a stronger upside. The OBV is at its peak and shows good strength from the volume’s perspective. Meanwhile, the ADX (45.17) demonstrates a strong uptrend, and the Elder Impose system has also charted multiple bullish bars. TSI and KST also show bullishness in the stock. In a nutshell, the stock is technically strong and shows no sign of halting.

In its recent quarterly results, the company posted stellar results as net sales grew 41% YoY to Rs 1748.83 crore in June, while net profit jumped 76% YoY to Rs 225.75 crore. The company has also improved margins despite rising raw material costs. Being fundamentally sound and technically strong, traders and long-term investors can include this stock in their watchlist to track its further development.

Schaeffler India Limited is engaged in the manufacturing and marketing of ball & roller bearings along with related components and sale of machines. With a market capitalisation of over Rs 55,000 crore, it has a strong presence in its industry.

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