Stock below Rs 50: Don’t miss out action in this stock as it witnesses breakout!

Strong volume of nearly three times the 10-weeks average volume of 42.54 lakh per week, highlighting larger participation in the direction of trend.   

Friday has turned out to be a fabulous one for the Indian benchmark indices as the benchmark indices have witnessed a rip-roaring rally amid positive global cues and improving sentiment on D-Street after US firm GQC Partners bought stake worth nearly Rs 15,500 crore, in mega block deals in four entities of Adani Group.   

Besides Adani Group stocks and the benchmark indices, a Small-Cap stock that's currently trading below Rs 50 also had a great day. The stock we are talking about is Imagicaaworld Entertainment Ltd.    

The stock is up over 11 per cent on Friday on back of huge spurt in the volumes. So far, total traded volume has surpassed its prior trading session volume and moreover, it is highest since September 2022.  

From a technical standpoint, the stock has logged a resolute breakout from past six months consolidation which has taken shape of a triangular pattern, signaling resumption of up move. The breakout is supported by strong volume of nearly three times the 10-weeks average volume of 42.54 lakh per week, highlighting larger participation in the direction of trend.   

The weekly RSI is trading in bullish territory and above its nine-period average, thus supporting the positive bias. The weekly MACD has generated a bullish crossover as MACD crossed above signal line. The stock is clearly uptrend and the trend strength is extremely high. The Average Directional Index (ADX), which shows trend strength, is as high as 42.6 on weekly time frame. Generally, above 25 levels is considered as a strong trend.  

Talking about the development, the company reported recently is that it has announced the launch of its waterpark, Aquamagicaa, in the city of Surat, Gujarat.