New Delhi: The well-known liquor manufacturing company has made its investors rich. Liquor manufacturing company Radico Khaitan Radico Khaitan (NSE Code – RADICO) stock has gained up to five per cent in a single stroke. With the start of the trading week on Monday, Radico Khaitan’s shares saw a tremendous rally. Its shares reached 1192.90 on BSE. This stock has shown tremendous growth in the midst of a weak market. A strong jump was observed in the volumes as the volumes crossed the 10-day and 30-day moving averages, indicating strong buying activity.
Technically, the stock has broken out of an ascending triangle pattern with heavy volume. It is currently trading above all its major moving averages and has formed a strong bullish candle on the daily chart. Its 14-day period daily RSI (73.54) is in the bullish zone and is showing good upside potential. Its 14-day ADX is at (26.49), which is pointing to a strong trend. Moreover, the relative strength is above zero and shows relative outperformance against the broad market. OBV characteristics are in line with the bullish setup. Overall, the performance of the stock is strong and may go higher in days to come. If the stock manages to hold the Rs 1200 resistance level, there is a possibility of further upside. Meanwhile, Rs 1150 level will act as an immediate support. Momentum traders should closely watch this stock in the upcoming trading session. 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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