Mumbai: There is a state of ups and downs in the stock market. However, even in the midst of the fall in the market, there are many stocks which are seeing a boom. One such stock is Surya Roshni Limited. Shares of Surya Roshni Ltd (NSE code – SURYAROSNI) rallied over 5% amid strong buying by market participants during the early hours of Tuesday’s trading session. This smallcap stock has outperformed the broader market as it has hit a new 52-week high.
Technically, the stock has broken out of its 8-day trading pattern. Interestingly, all the moving averages are trending up and exhibit bullish momentum on all time frames. The 14-day RSI (70.96) has entered the super bullish zone and is showing signs of strength. The MACD has indicated a bullish crossover, while the rising ADX (43.95) shows strong upside potential. Relative Strength (RS) is in the bullish zone and reflects the outperformance of the stock vis-à-vis the broader market. Given the upside momentum, going ahead Rs 700 is expected to act as a medium-term resistance, while the 20-DMA level of Rs 585 will act as an immediate support.
The stock has already given nearly 30% return to its shareholders this month. Investors can include this stock in their portfolio to earn profits.
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