Mumbai – One of the leading stocks in Tuesday’s trading session was Timken India. It rose more than 8% amid strong buying activity. The company recently announced a new manufacturing facility to be set up at Bharuch, Gujarat for manufacturing spherical roller bearings, cylindrical roller bearings and related components. This is likely to boost productivity and improve marginal costs. Thus, investors have seen renewed buying interest in the stock. This is evident from the increasing numbers in the share.
Technically this stock has made a V-shaped recovery. It has bounced back more than 20% from its recent low and is currently trading above its all-important moving average. The volumes recorded on Thursday were seen to be higher than the 10-day, 30-day and 50-day average volumes. 14 period daily RSI (63.07) is bullish. And this shows strong potential in this stock. MACD has signaled a bullish crossover. It exhibits a positive bias. OBV is at its peak and shows the strength of strong transaction numbers. In short, this stock is technically strong and is expected to register more transactions in the coming period. This article is published by Dalal Street Investment Journal, India’s No. 1 investment magazine. Click here and subscribe to receive regular shares and recommendations from Teji.
On an annualized basis, the company stock has returned more than 60% to its shareholders. Aggressive expansion plans and increasing investor confidence should keep this stock in the portfolio for days to come. Disclaimer: This above is third party content and TIL hereby disclaims any and all warranties, express or implied, relating to the same. TIL does not guarantee, vouch for or endorse any of the above content or its accuracy nor is responsible for it in any manner whatsoever. The content does not constitute any investment advice or solicitation of any kind. Users are advised to check with certified experts before taking any investment decision and take all steps necessary to ascertain that any information and content provided is correct, updated and verified.
