Top buzzing stock: Linde India

The stock of LINDEINDIA is extremely bullish today and has hit a fresh all-time high of Rs 3223.50.

Linde India Limited is a midcap company, engaged in the manufacturing of liquefied or compressed inorganic industrial or medical gases and construction of utility projects. With a market capitalization of about Rs 27000 crore, it is one of the strongest growth companies in its sector.

The stock of LINDEINDIA is extremely bullish today and has hit a fresh all-time high of Rs 3223.50. It has surged over 9% in the first half of Tuesday’s trading session. Interestingly, the stock has given a breakout from its double bottom pattern, with the breakout level placed at Rs 3000 level. This breakout was accompanied by huge volume, which is greater than 10-day, 30-day and 50-day average volumes. The stock has strong upside momentum, having gained over 25% in just five trading sessions. Moreover, rising volumes have been recorded for the fourth consecutive day. Thus, the price structure of the stock is strongly bullish.

With its price structure, the bullishness is supported by the technical parameters too. The 14-period daily RSI has entered the super bullish territory, while the OBV has hit a higher high, demonstrating strong volumes. The MACD line is well above the signal line and zero line and indicates upward potential. The other momentum oscillators and technical indicators also hint towards the stock's strong uptrend.

The past performance of the stock was strong. On a YTD basis, the stock has generated over 30% returns and has outperformed the broader market and most of its peers by a huge margin. Considering the pattern breakout and strong price structure, the stock is expected to test the level of Rs 3500, followed by Rs 3600 in short term. Moreover, it is an ideal candidate for swing trading and high momentum trading. Short term traders/positional traders can expect decent gains from this stock soon as validated by the technical analysis.