New Delhi: On Friday, on the last day of the business week, Adani’s shares gained momentum, while the shares of the pipe maker also rocketed. There was tremendous growth in the shares of Hariom Pipe Industries. Shares of Hariom Pipes (NSE Code – HARIOMPIPE) reached all time high today. The company’s shares are trading at Rs 448 on the NSE. After getting listed in April 2022, there is strong buying sentiment in the stock. The smallcap pipe and tube maker has strong earnings and strong earnings potential.
Technically, the stock has broken out of its 4-week consolidation with above-average volumes. The volume recorded on Friday is higher than the 30-day and 50-day average volumes. Furthermore, all its major moving averages are in an uptrend, and thus show bullishness on all time frames. Moreover, the 14-period daily RSI (66.44) is in the bullish zone and shows strong strength in the stock. MACD is about to signal a bullish crossover. OBV is at its peak and is showing strong trading signals. At the same time, Elder Impulse System is also pointing towards strong buying. Generally positive price action and bullish technical parameters are indicating higher scalp levels for the stock. Rs 475 level, followed by Rs 500 level will act as medium term resistance, while immediate support lies at Rs 400 level. Swing traders can keep a close watch on this stock in the coming trading session. Swing traders should keep an eye on this trade in the coming days.
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