Top trending stock: All the signs of boom are visible in the stock of this tech company, do not miss the opportunity to make profits – shares of hitachi energy india soared over 4 percent

New Delhi : Shares of Hitachi Energy India saw a gain of over 4 per cent in early trade on Monday. Shares of the Rs 14,500 crore power technology company saw heavy buying on the exchanges today. Technically, the stock is trading near the breakout level of double bottom pattern with heavy volume.

Interestingly, it broke above its declining trend line and is currently trading above all its major moving averages. The last 5 candles are quite bullish and thus show strong buying interest. The positive bias is supported by higher volume than the 30-day and 50-day averages.

Moreover, the leading indicator 14-period RSI (70.01) has entered the super bullish zone and shows strong strength in the stock. The MACD histogram is rising and shows upside potential. The trend indicator 14-period daily ADX (21.49) is in an uptrend and shows strong trend strength. The relative strength is positive, indicating outperformance in the broader market. Overall, such bullish technical setup is likely to attract traders in the near term.

Presently Hitachi Energy share is trading at Rs.3400 level on NSE. Momentum traders can keep a close watch on this stock in this volatile environment.

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