Stock under Rs 250: Dont miss out action in this textile stock as it has witnessed Bullish Flag breakout!
Despite the weaker sentiments that prevailed on Friday, the stock stood out and performed exceptionally well as it jumped nearly 13.5 per cent
Mahalaxmi Rubtech operates mainly in two broad areas: Traditional Textiles Division and Polymer Based Technical Textile Division.
The Traditional Textile Division is having two separate units for Weaving and Processing. In the Textile division, the Company operates in three separate units i.e. “Maheeka Textech” (A Weaving Unit), Mahalaxmi Global (A Trading Unit), and “Mahalaxmi Fabric Mills” (A Fabric Processing Unit).
Polymer Based Technical Textile & Rubber Division at MRT manufactures Offset Rubber Printing Blankets and a range of Technical Coated Fabrics. This division is manufacturing offset rubber printing blankets used in Sheet Fed, Web, Metal Deco, Packaging and Security Printing Applications.
Despite the weaker sentiments that prevailed on Friday, the stock stood out and performed exceptionally well as it jumped nearly 13.5 per cent and with this strong up-move the stock has witnessed breakout of a bullish flag-like pattern on the daily chart. Interestingly, the stock has recorded a volume of 3.75 lakh shares which is three times higher than its 50-days average volume of 1.09 lakh shares. Meanwhile, on the weekly chart, the stock has witnessed breakout of 5-weeks long flat base pattern.
The leading indicator, 14-period daily RSI witnessed breakout of double bottom like pattern and registered a fresh swing high above the level of 60. The daily MACD stays bullish as it is trading above its zero line and signal line. The MACD histogram is suggesting pickup in upside momentum. On the daily timeframe, ADX is 37 which suggests that the trend is strong. Directional indicators continue in the ‘buy’ mode as +DI continues above –DI.
Don’t miss out action on this textile stock in the coming week as the flag breakout indicates that the stock could remain in the limelight.