Top trending stock: This metal stock shows full signs of boom, jumped 62% in one year – gravita india stock zoomed over 62 percent in one year

New Delhi : Shares of Gravita India jumped over 4% during Wednesday’s trading session despite weakness in the market. The volume in the stock has increased after the release of quarterly earnings of this metals company. In the latest quarterly results, the company’s revenue grew by 50% to Rs 706.76 crore. While the net profit grew by 125 per cent year-on-year to Rs 17.32 crore in Q3FY23.

Technically, the stock registered a strong price volume breakout from an ascending triangle pattern with massive volumes. With this, it has reached a new high of Rs 523 on NSE. At the same time, the volume has been above average and above the 50-day average volume. This indicates a strong buying interest. Interestingly, all the major moving averages are trending up and exhibiting bullish momentum on all time frames.

The 14 period daily RSI (72.24) is in the super bullish zone and shows strong strength in the stock. The MACD histogram is rising and signals a potential upside. Overall the stock has a good technical setup for a bullish trend and further upside is expected in coming days.

The stock has jumped over 62% in last one year and has outperformed its peers. Momentum traders can keep an eye on this stock in the upcoming trading session.

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