Top buzzing stock: Cyient

The stock of Cyient has soared nearly 6% in the first half of Monday’s trading session.

Cyient Limited is engaged in providing software-enabled engineering and geographic information system (GIS) services. The Company's segments include Data & Network Operations, Engineering, and Product Realisation. With the market capital of Rs 10200 crores, it is one of the most promising midcap company of its sector. The stock is in focus among the traders since its recent upmove.

The stock of Cyient has soared nearly 6% in the first half of Monday’s trading session. After a gap-down opening of more than 3%, the stock has witnessed strong buying interest at lower levels and has gained over 80 points since its day’s low. It trades above its 20-DMA and near its day’s high at Rs 933.90. Along with this, it has crossed above its prior swing high of Rs 906.80. Since its prior swing low of Rs 783.95, the stock has jumped over 17% in just six trading sessions, thus showcasing its strong uptrend. During this period, the volumes recorded were greater than 10-day and 30-day average volume and demonstrates larger participation in the stock.

Moreover, the technical parameters are also in line with stock’s bullishness. The 14-period daily RSI is placed just below 60 and has taken out its prior swing high. The daily MACD has signaled a bullish crossover two days ago and continues to surge higher. The Elder Impulse System, too, indicates a strong bullish nature of the stock. The other momentum oscillators and technical indicators also point towards the strong uptrend of the stock.

Considering strong price action and bullish technical, coupled with above average volume, the stock is a perfect candidate for swing trading. The stock has the potential to test the level of Rs 975, which happens to be 200-DMA, followed by the level of Rs 1000, which is its strong resistance. Moreover, Positional traders can expect decent gains in short to medium term.