Top buzzing stock: Everest Industries

The stock of Everest Industries is extremely bullish and has surged about 25% in just two trading sessions.

Everest Industries is a smallcap company, engaged in the business of building products, such as roofing products, boards and panels and manufacturing and erection of pre-engineered steel buildings & related accessories. With a market capitalisation of about Rs 1000 crore, it is one of the promising company in its sector.

The company has been able to generate good fundamental figures in the past few years. It has reported higher than industry average net profits over the last five years, which clearly depicts strong company performance. The stake of the company is majorly held by the promoters, which is about 52%, while the rest is held by HNIs and public.

The stock of Everest Industries is extremely bullish and has surged about 25% in just two trading sessions, with about 15% coming in the first hour of Friday. With ongoing bullishness, the stock has hit a fresh all-time high of Rs 774.85. In the past two days, the stock has recorded rising volumes, which is greater than the 30-day and 50-day average volume.

The technical parameters are also pointing towards the bullishness of the stock. The 14-period daily RSI has entered the super bullish territory, while MACD has given a bullish crossover above the zero line. Moreover, the ADX is rising above 27 which indicates a strong uptrend of the stock. All the key short term and long term moving averages have an upward slope, which demonstrates a strong upside. The other momentum oscillators and indicators also highlight the stock’s bullish nature.

In the last three months, the stock has risen over 80%, displaying strong bullishness in short term. In one year too, the stock has delivered about 135% returns to its investors and has outperformed the sectors and most of its peers.

Considering the bullish nature in the short and medium-term, the stock is expected to continue the momentum and provide good returns in the coming days. Positional traders can include this stock in their watchlist to track further developments.

Also read: Technical Talk: Voltas Ltd