Buzzing Textile Stock: AYM Syntex jumps more than 6 per cent; on the verge of multi-year breakout

The shares of Textile companies are seen outperforming on Wednesday. One textile stock that is buzzing on bourses is AYM Syntex. The share price of AYM Syntex has jumped higher by more than 6 per cent in Wednesday, on an intraday basis.   

On Tuesday the promoter bought some shares of AYM Syntex at around Ra 86.33 per share. RRM Family Trust bought around 5,00,000/- shares on Tuesday while Mandawewala Enterprises Ltd bought 470719 shares at around Rs 86.38 per share. 

This means that promoters have done a bulk deal and increased their stakes in the company by 1.58 per cent. AYM Syntex promoter stake now goes up to 74 per cent in the company after fresh purchase. 

The company has declared a positive set of number for June quarter and the financial trend is positive for the company. The stock is up by more than 15 per cent in one month while in 2021 alone the stock is up by more than 132 per cent. In one year, the share price of AYM Syntex gained by 256 per cent. 

The stock faces stiff resistance at 97 levels and then again at ~102 levels. If the stock manages to cross the 102 levels with volumes, we can say that the bulls will be at an advantage. A multiyear breakout is possible if the stock price cross 102 levels.

AYM Syntex Limited manufactures and sells synthetic yarns in India. It offers bulk continuous filament (BCF) yarns, such as air twisted, power heat set/Superba heat set, cabled/twisted, and air entangled yarns, as well as BCF singles; and conventional dyed and textile yarns, including partially oriented, fully drawn, draw textured, highly oriented, mono, mother FDY, and air textured yarns.