Kitex Garments witnesses a Santa rally! Is there any steam left in it?
Established in 1992, Kitex Garments Ltd (KGL) is into exports of cotton and organic cotton garments, especially infants wear. The company exports its products to the US as well as to the European markets.
The vertically-integrated manufacturing plant makes infants wear as well as fabrics. Infant apparels manufactured by the company are available in Australia, Austria, Brazil, Canada, China, France, Germany, Liberia, India, Indonesia, Israel, Japan, Mexico, Poland, Saudi Arabia, Switzerland, UAE, and the USA through the outlets of the company’s clients.
The share price of Kitex Garments skyrocketed over 13 per cent on Wednesday along with a huge spurt in the volume. We are still halfway through the trading session and the total volume traded for the day has already surpassed 18 lakh, which is thrice the 30-day average volume.
Besides, the stock is down by 11.3 per cent from its 52-week high, which was registered on July 15 while it is trading above its 20, 50 & 200-DMA. Also, all these key moving averages are in the desired sequence and are trending up.
The 14-period RSI on the daily timeframe has generated a positive signal as it has moved above its nine-period average. Furthermore, the RSI has jumped above the 60-mark.
The stock is up by 78 per cent on a YTD basis while on an MTD basis, it’s nearly up by 20 per cent. Given the positive technical trend of the stock, it clearly indicates that there is still some steam left in the stock.