New Delhi: Domestic stock markets opened on a positive note on Monday amid strong global cues. But the Nifty soon fell due to profit-booking. The auto sector witnessed a spectacular rally since morning and supported the Nifty a lot. A stock in this sector jumped more than 12 per cent on strong volumes. This stock is SML ISUZU LIMITED. The company manufactures and sells commercial vehicles and spare parts. The company manufactures light commercial vehicles such as trucks, buses and special vehicles. Along with this, the dealer also provides support services. It was established in 1983 as Swaraj Vehicles Ltd. It was promoted by Punjab Tractors Ltd. It had technical collaborations with Mazda Motor Corporation and Sumitomo Corporation of Japan. In the year 2011, its name was changed to SML Isuzu. In these, Sumitomo Corporation has 44% stake and Isuzu Motors has 15% stake. Today it has attracted the attention of investors. The stock is currently trading at Rs 836, up 12 per cent. Its volume is also above 30 days. The stock is trading well below the neckline of long term trend reversal of Rs 888 on daily time frame. If it closes above this neckline, it will confirm a breakout from a trend reversal price pattern with a continuation pattern. Its 14-day RSI (77.8) is in a strong bullish zone on the daily charts. Its short-term moving average (5-13-26DMA) has given a bullish crossover, confirming the bullish momentum. Swing traders and long term investors looking for opportunities in auto sector can keep an eye on this stock.
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