Mumbai: Timken India was also included in the fastest growing stocks on Thursday. Due to strong buying activity, the shares of this company saw a gain of more than eight per cent in the early trade. The company has announced the setting up of a new manufacturing facility in Bharuch, Gujarat to manufacture Spherical Roller Bearings, Cylindrical Roller Bearings and related components. This will increase the productivity of the company and also improve the marginal cost of the company. This is the reason why fresh buying interest is being seen in the company. There has been a huge increase in its volume.
Technically, the stock has formed a V-shaped recovery on the technical charts. It has rallied 20% from its recent swing low and is currently trading above all its important moving averages. On Thursday its volume is more than 10 day, 30 day and 50 day average volume. Its 14-day period daily RSI (63.07) has entered the bullish territory and is indicating strong strength ahead. Its MACD has indicated a bullish crossover which is showing positive sentiment in it. Its OBV is at peak and showing strong strength. Overall, the stock has become technically strong and is expected to gain further momentum in the days to come. The stock has given more than 60 per cent returns to its investors so far this year. The company has aggressive expansion plans and has also gained investor confidence. Hence this stock should be on your radar in coming days. This article is powered by Dalal Street Investment Journal, India’s No. 1 Investment Magazine. Click here to get regular updates about Winning Stocks and Recommendations.
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