Top trending stock: Rajesh exports

Considering ongoing bullishness, the stock is expected to be trading higher in the short to medium term.

Rajesh Exports Ltd is a midcap company, engaged in the manufacturing of gold and diamond jewellery. Its products include Gold Jewellery and Medallions. With a market capitalization of about Rs 26500 crore, it is one of the strongest companies in its sector. Interestingly, the company has increased its market share in the past five years.

The stock of Rajesh Exports is displaying extreme bullishness on the day when the broader market is experiencing a severe sell-off. This attracts the buyer’s attention and is traded in huge volume.

The stock has surged over 3% in the first hour of the session. With this, it has soared above its prior swing high of Rs 882.95. Lately, the stock has been in a strong uptrend and has risen by nearly 12% in just four trading sessions. The strong price action has been supported by rising volumes which is identified to be greater than the 10-day average volume, highlighting the increase in participation in recent week. The stock found strong support at Rs 800 which also happens to be its 50-DMA. The stock has bounced back sharply from there. Moreover, the technical parameters are in line with stock’s movement, with a 14-period daily RSI entering the bullish territory. The MACD has given a fresh buy signal. The stock is meeting Guppy’s multiple moving averages (GMMA) criteria as described by Daryl Guppy. The other indicators and momentum oscillators are also pointing towards the bullish nature of the stock.

In the past quarter, the stock has risen about 40%. Moreover, it delivered phenomenal returns of about 85% in the past one year to its shareholders and has outperformed the broader market and most of its peers. Considering ongoing bullishness, the stock is expected to be trading higher in the short to medium term. Moreover, the stock has become quite attractive among Positional traders/ swing traders as validated by the above-average volumes.

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