Top Trending Stock: Bombay Stock Exchange (BSE) Ltd

Today, the stock has surged over 4% in the initial hour of the trade.

BSE Limited is a stock exchange company that provides a transparent market for trading in equity, debt instruments, derivatives, and mutual funds. It has a market capitalization of Rs 9700 crore. With the boom of retail participation in the stock market, along with the opening of new demat accounts, the exchange had seen a surge in trading and investing volume. This has led to a good rise in its revenue and net profits last year.

The stock has performed exceptionally well as it rose about 13.5% in just one month, while in one year, the stock has delivered whopping 250% returns to its shareholders. It has also outperformed the broader market with huge margins during this period.

The HNIs and retail portion hold the maximum amount of the company’s stake, which is about 87% while the rest is being held by the FIIs. The foreign investors have been increasing their stake in the company since last quarter.

The stock found good support at around 50-DMA and has risen over 10% in the past three days. Today, the stock has surged over 4% in the initial hour of the trade. With this, the stock has given a breakout from its symmetrical triangle-like pattern. This breakout is supported by above-average volume which is greater than 10-day and 30-day average volume. Moreover, the technical parameters have turned bullish, with RSI having entered into bullish territory and MACD giving a fresh buy signal. The stock trades above all the key short term and long-term moving averages. The difference between the 20-day short term moving average and stock price is over 8% which indicates high momentum in the near term. As per the breakout, the stock has the potential to rise about 10-15% in the short to medium term and looks very attractive.

Considering the overall bullishness, with a strong breakout, positional traders can consider this stock to make some decent profits for the short term.