From Rs 25 to Rs 42: This midcap power stock under Rs 50 is all fired up! Do you own it?
The stock has registered a multi-year breakout from its 58-month cup pattern with massive volumes!
The midcap and Smallcap stocks have witnessed fresh buying interest on the bourses, with many fundamentally strong stocks catching investors’ attention. Meanwhile, one such stock has been SJVN which has surged over 5 per cent during the initial hour of Monday’s trading session.
SJVN is a Mini Ratna, Category-I and Schedule ‘A’ CPSE under administrative control of Ministry of Power, Govt. of India, incorporated as a joint venture of the Government of India (GOI) and the Government of Himachal Pradesh. The company is primarily engaged in the generation and distribution of hydro and thermal power. Recently, the company has secured 83 MW floating solar project in Madhya Pradesh which shall approximately cost Rs 585 crore. Meanwhile, the company reported 11 per cent YoY jump in net profit to Rs 451 crore in September 2022 as against Rs 406 crore in September 2021.
Technically, the stock has registered a multi-year breakout from its 58-month cup pattern with massive volumes! A strong institutional buying activity has lifted stock from Rs 24 level in May to Rs 42 in November. All the moving averages are in an uptrend, which demonstrates bullishness across all time periods. In a nutshell, the stock is technically very bullish and is expected to trade higher in times to come.
On YTD basis, the stock has generated returns of over 30 per cent to its shareholders. Long-term investors as well as momentum traders should keep a close watch over this stock!