Top trending textile stock below Rs 50: Alok Industries
Alok Industries is an integrated textile company with a product range comprising cotton and polyester goods. The company’s main plants are located in Vapi (Gujarat) & Silvassa while it has a wide customer base across the world that includes global retail brands, importers, private labels, and domestic clientele.
The stock is in on cloud nine today as it soared nearly 9 per cent along with decent volume seen in the first hour of the trade itself. The total traded volume in the first hour itself is 2.84 crore shares, which is more than 50 per cent of the total traded volume in the prior trading session.
The share price of Alok Industries was seen consolidating in the range of Rs 32.25-Rs 20.65 since Mid-June 2021. On Monday, the stock price managed to resolve higher from the range, indicating culmination of corrective phase and resumption of the next leg of upmove.
Structurally, the stock has been making a higher high and higher low on the weekly chart, indicating a positive price structure. As the stock is trading at a 31-week high, all the short and long-term moving averages are trending upside. The 20, 50 & 200-DMA are clearly trending up and moreover, they are in the desired sequence.
Among the oscillators, the daily RSI is in a rising trajectory indicating strong momentum and moreover, it's in a super bullish territory. The average directional index (ADX) is at 37.66, which shows strength and this ADX is in uptrending mode. The +DI is much above the -DI. This structure is indicating the bullish strength in the stock.
Considering the above factors, the stock ticks all the boxes of a perfect set-up based on the technical parameters and hence, it should be on the watchlist of the market participants.
Related articles
-
This small-cap stock jumped 29 per cent in last two days, trades at 1.3 price-to-book value with improving net cash flow; watch out!
-
Know why Adani Ports is buzzing on the bourses!
-
Stock below Rs 50: This small-cap construction company wins an order worth Rs 499.33 crore!
-
This construction company receives multiple orders worth Rs 1,103.61 crore!
-
Low PE Stock below Rs 50: This small-cap company received a purchase order worth Rs 7,68,16,800!
-
Don’t miss action in this stock that has announced rights issue!
-
This Navratna Enterprise bags a work order worth Rs 500 crore!
-
Multibagger stock hits back-to-back upper circuits as it announces stock split, know the record date!
-
Don’t miss action in this small-cap stock that has announced bonus shares!
-
Stock below Rs 50: This small-cap company received a work order worth Rs 29,85,000!
-
Stock below Rs 50: This small-cap construction company receives multiple orders worth Rs 1,83,60,76,057.10!
-
Stock below Rs 50: This small-cap company wins an order worth Rs104.55 crore!
-
Multibagger stock below Rs 50: Investors should keep an eye on this low PE, high ROE textile stock!
-
Bonus issue: Shares of this multibagger company reached a new 52-week high!
-
Keep an eye on this stock, which was locked in the upper circuit on November 23
-
Keep an eye on this stock, which was locked in the upper circuit on November 22
-
Trending stock below Rs 100: HFCL jumps over 10 per cent; heres why!
-
Subex zooms nearly 67 per cent; read to know top 10 performing stocks of the week!
-
ADAG shares witness strong gains with heavy volumes; majority of its stocks turn into multibaggers with Reliance Infra surging over 300 per cent!
-
Polycab PAT trebles, share zooms 4 per cent; volumes hits the roof!