Stock at all-time high: Astec Lifesciences Ltd

The stock of ASTEC surged over 8% on Monday and has hit a fresh all-time high of Rs 1989.

Astec Lifesciences Limited is engaged in the production of agrochemicals and pharmaceutical products. With a market capitalization of Rs 3850 crore, it is one of the strong growing company in its sector. Considering its fundamentals and business practices, the institutions have been actively increasing their stake in the company in the past few quarters. The stock is in focus as it hits its all-time high today.

The stock of ASTEC surged over 8% on Monday and has hit a fresh all-time high of Rs 1989. On the technical chart, it has bounced from its 20-DMA and recorded heavy volume. The volume was found to be the highest in many months. Also, the level of Rs 1800 is seen as a strong buying level as it had taken multiple supports at this level.

The 14-period daily RSI (73.95) jumped into the super bullish territory. Moreover, it has crossed above its falling trendline. The price and RSI, both rising is a sign of bullishness. The 14-period ADX (39.47) points northwards and indicates strong trend strength in the stock. The +DMI is above the -DMI and supports the claim of strong uptrend. The MACD has confirmed the bullish crossover and signals strong momentum of the stock.

Interestingly, the On Balance Volume (OBV) shows similar characteristics as that of RSI from the volume’s point of view. The Elder Impulse system indicates a buy signal, while KST and TSI indicate a bullish view towards this stock.

The stock is 30% above its 200-DMA and 9% above its 20-DMA, thus displaying strong bullishness for the short as well as long term. On a YTD basis, the stock has generated about 37% returns to its shareholders. Considering its strong price action and bullish technical parameters, the stock is expected to do well in the future. It has the potential to gain another 10-15% in short to medium term. With such strong momentum, it is a good candidate for swing trading. Short term traders/positional traders can consider this stock for some quick bucks!