Venky's on top as it soars over 3%! Know the targets here

Venky’s Ltd has soared over 3% on July 18 and is one of the top gainers from the Nifty 500 universe.

The stock of VENKYS has jumped over 3% amid strong buying interest from the traders. It is quite evident from the fact that the stock has registered above average volume of more than 10-day, 30-day and 50-day average volume. Moreover, Monday’s volume is about 5 times the previous day’s volume. Currently, the stock has crossed above its short-term resistance level of Rs 2060, which it was unable to cross four times recently. Moreover, it has surged above its 100-DMA level of Rs 2066. Overall, the bullishness is seen in its price structure.

Along with this bullishness, the technical parameters hint toward improving the strength of the stock. After falling nearly 50% from its 52-week high level, the stock has seen good improvement in its strength. As per the daily 14-period RSI (63.37), the stock trades in a bullish zone. The OBV is observed to be improving too and shows good strength from the volume’s perspective. The Elder Impulse system has formed a bullish bar, while the trend indicator ADX (21.74) demonstrates an uptrend picture. The stock has jumped about 18% from its prior swing low of Rs 1775 and is well-off from its low.

Considering the above points, the stock is expected to test the Rs 2150 level in short term. Sustenance above this level, accompanied by good volumes, can take the stock towards the 200-DMA level of Rs 2350 in the medium term. However, the level of Rs 2000 has to be watched cautiously as a fall below this can induce weakness in the stock. The chances of upside are more and offer a good short-term idea for the traders. Keep an eye on this stock to track its performance!

Venky’s (India) Limited is a popular brand, producing day-old layer and broiler chicken for the poultry markets. With a market capitalisation of about Rs 2900 crore, it has shown strong growth in its sector.