Top trending stock: The stock of this company became a rocket as soon as the market opened – top trending stock: poly medicure

New Delhi: With the opening of the market on Wednesday, the shares of Poly Medicare (NSE Code – POLYMED) gained tremendously. The company’s shares jumped up to 6 per cent in the early market itself. The stock showed strong buying sentiment in the early trading session itself on Wednesday. The midcap medical device maker has been on a record rally in the past three weeks, attracting investors.

Technically speaking, the stock is currently trading at 16 week breakout level with good price value. On Wednesday, the stock’s volume has reached a one-year high. The volume has been above the average volume for 50-days. The stock has been trading above its key moving averages. Importantly, all the moving averages are in an uptrend and thus indicate a bullish trend on all time frames. On the other hand, the 14-day daily RSI (67.97) signal is pointing towards the strength of the stock. At the same time, 14-day ADX (23.70) is also indicating positive. At the same time, OBV is at its highest level and is pointing towards strong buying.

Overall, the stock is showing signs of a higher trend. There are signs of bullish technicals. The medium resistance remains near Rs 1050 level, followed by Rs 1100 level. An immediate support is placed near Rs 920 level. Currently, POLYMED share remains at Rs 995 level on NSE. Swing traders should keep a close watch on this stock for the upcoming trading sessions.

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