Top Trending Stock: The stock of this sugar company remains in top trending, gave 250 percent return to investors – ugar sugar works limited gave 250 percent return to investors
Mumbai: There is constant ups and downs in the stock market. Rising concerns of COVID cases and rate hikes by central banks across the world are having an impact on the market. The D-Street indices witnessed high volatility in the last few days. Due to this, the fear of recession has increased. Midcap and smallcap stocks have booked profits and remain under pressure. However, a boom is being seen in the sugar sector. Strong buying has been observed in Sugar stocks and they have emerged the frontrunners to support the market. Meanwhile, the share of Ugar Sugar Works Limited (NSE code – UGARSUGAR) is witnessing a rally. This stock is in top trending position. Due to good buying by investors, it has increased by more than 6 per cent.
Technically, the stock has registered a strong price volume breakout despite bearish market. It has jumped above its previous high of Rs 100.45. Interestingly, the stock is trading above all its major moving averages and shows bullish momentum on all time frames. The 14-day RSI (60.23) has entered the bullish zone and shows strong strength in the stock. The MACD has indicated a bullish crossover. Other momentum oscillators and technical parameters also point to an uptrend in the stock. On a YTD basis, the stock has outperformed the broad market and given nearly 250 per cent return to its shareholders during this period. Momentum traders can keep a close watch on this stock for the upcoming trading sessions. 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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