Traders show fresh interest in Medicamen Biotech! Is it the right time to buy?

In its recent quarterly result, the company reported over a 20 per cent jump in sales YoY and stood at Rs 33.09 crore. Medicamen Biotech is up by over 28 per cent in the last three months.  

The stock of Medicamen Biotech Ltd witnessed a fresh inflow as strong buying emerges in the stock. It soared over a massive 15 per cent during the initial hours of Friday’s trading session despite weakness in the market. With this, it has broken out from its falling trendline with above-average volumes. The volume is found to be greater than 10-day, 30-day, and 50-day average volumes. Fresh interest is quite evident from the fact that Friday’s volume is over 15 times the previous day’s volume. Meanwhile, the 14-period daily RSI (73.51) is in a super bullish zone while the MACD indicates a bullish crossover. The OBV is at its peak, which demonstrates strong strength from the volume’s perspective. In a nutshell, the stock is technically very strong.  

In its recent quarterly result, the company reported over a 20 per cent jump in sales YoY and stood at Rs 33.09 crore. Despite rising raw material costs, the management expects robust growth in the coming quarters. With the business outlook being positive, Medicamen Biotech is up by over 28 per cent in the last three months.  

The stock is expected to trade higher and can test the level of Rs 1,000 in the medium term while a fall below Rs 750 shall be deemed negative. Keep an eye on this stock to track its further performance! 

Medicamen Biotech Limited is a small-cap company with a market capitalisation of about Rs 1,050 crore. It works in the business of manufacturing & marketing pharmaceutical formulations in the overseas and domestic markets. It focusses on oncology therapeutics and other generics with a vision to be a global leader in oncology generics by offering affordable medicine with best-in-class quality.