Top buzzing stock: Schaeffler India Ltd

The stock of SCHAEFFLER is bullish and has surged over 3% in the initial hours of Wednesday’s trading session.

Schaeffler India Limited is engaged in the sale of ball/roller bearings and related components and sale of machines. With a market capitalization of about Rs 33600 crore, it is one of the strong growing companies in its sector. The stock is in limelight because of its recent run-up.

The stock of SCHAEFFLER is bullish and has surged over 3% in the initial hours of Wednesday’s trading session. With this, the stock has hit a fresh all-time high of Rs 2226.05. On the technical chart, it has formed a strong bullish candle and has a long wick at the bottom. It has witnessed strong buying interest at lower levels which is also justified by the rise in volume. The volume is found to be greater than the 10-day, 30-day, and 50-day average volume. Moreover, a rise in volume has been recorded for the fourth consecutive day. During this period, the stock has gained nearly 15%. Thus, the stock has a bullish price structure.

The 14-period daily RSI (72.70) has entered the super bullish territory and is placed near its prior swing high. The ADX (33.66) points northwards and shows strong trend strength. Interestingly, the MACD has given a bullish crossover. The On Balance Volume (OBV) indicates strong strength from the volume’s perspective. The Elder Impulse System and KST maintain the buy signal.

The stock has performed well in the recent past. On YTD basis, it has generated about 22.42% and its one-month performance stands at 16.10%. Thus, it has outperformed most of its peers and has beaten street expectations. Industrial production is on a rise and the company is expected to perform well in the future. Considering the above points, the stock is expected to trade higher in coming days. It has the potential to test the levels of Rs 2250, followed by Rs 2300 in times to come. Trades can expect good gains in near term.

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