Bullish Engulfing pattern seen in Siemens; know the reason behind bullishness in Siemens!

The stock of Siemens gained with a huge open interest built up of 31.78 per cent on Wednesday which further indicates bullishness in the counter.

Siemens India was seen trending up on Wednesday even as the markets traded with volatility and caution.  The share price of Siemens gained by more than 6 per cent on Wednesday on closing basis when the broader markets closed in red along with the frontline indices.

A bullish engulfing candlestick chart pattern was formed in Siemens India on Wednesday which indicates bullishness in the counter. 

The stock of Siemens gained with a huge open interest built up of 31.78 per cent on Wednesday which further indicates bullishness in the counter. Usually an OI built up of more than 10 per cent is considered bullish. 

On Tuesday Siemens declared above estimates results and that is the reason behind a strong rally in the counter. Siemens has declared positive results for the last 2 consecutive quarters while its net sales at Rs 2,934.20 cr has grown at 119.86  per cent for the quarter. The PAT has grown at 7410 per cent. 

The share price of Siemens closed at fresh all time highs after giving a huge price volume breakout. Bull may have an advantage in Siemens on coming days. 

Siemens Limited offers products, integrated solutions for industrial applications for manufacturing industries, drives for process industries, intelligent infrastructure and buildings, efficient and clean power generation from fossil fuels and oil & gas applications, transmission and distribution of electrical energy for passenger and freight transportation, including rail vehicles, rail automation and rail electrification systems.