From Rs 2.5 to Rs 56: This multibagger Rs 50 stock rallied 2200 per cent in last 3 years! Do you own it?

The stock has already soared nearly 45 per cent in March and is currently a hot topic amongst the traders.

Today Nifty opened gap down because of the sharp fall in global markets after US-FED Chairperson Jerome Powell’s commentary on rate hikes. However, nifty bounced back and filled this gap in initial hours of the trading session. 

Amidst strong volatility, one stock that did exceptionally well is IMAGICAAWORLD Entertainment Ltd, which has soared nearly 12 per cent on Wednesday. Strong buying interest was seen in this stock as volume stood massive and above average. 

In February, India has recorded its highest ever maximum temperature in the month of February with an average of nearly 30 degrees Celsius. However, this may have a positive impact on the business activities of amusement parks and hotel companies. Meanwhile, the stock rallied more than 45 per cent in March and recorded massive volumes. 

This Company is engaged in the management of amusement parks and hotels. From January 2020 lows of Rs 2.30 the stock started its unprecedent rally and it is currently trading at Rs 54, which translates to a massive gain of over 2200 per cent. 

From a technical stand point, the stock has registered a breakout of continuation pattern on weekly time frame with record volumes. Considering, the stock is trading at 52-week, it is trading above all the key moving averages on daily time frame, which indicates strong momentum. 

With a favourable technical outlook, traders can keep this stock on their watchlist.