Trending stock under Rs 20: Bajaj Hindusthan
The stock of Bajaj Hindusthan is extremely bullish today as it soared about 5 per cent.
Bajaj Hindusthan Sugar Limited is a small-cap company, engaged in the manufacture of sugar, alcohol, and generation of power. With the market capitalisation of Rs 1,900 crore, it is one of the most-promising companies of its sector.
The stock of Bajaj Hindusthan is extremely bullish today as it soared about 5 per cent. Immense buying emerged at lower levels as the stock has jumped about 10 per cent since Tuesday’s low of Rs 13.95. The stock was in a downtrend a few days back but a strong bullish candle on Tuesday has attracted the traders.
On the technical chart, the stock has made a sharp V-shaped recovery from the bottom. With today’s strong price action, the stock has crossed above its 100-DMA & 200-DMA and looks bullish for the medium term too. Along with this, the technical parameters also point towards strong momentum of the stock. The 14-period daily RSI has jumped to 45 and indicates improved strength in the stock. The on-balance volume (OBV) is also rising and indicates towards increased participation in the stock.
In the past one year, the stock has delivered a massive 150 per cent returns to its shareholders and also, outperformed the sector as well as its peers by a huge margin. With the short and medium-term trend being bullish, the stock is expected to surge in the coming days.
Positional and swing traders can consider this stock in their watchlist as it has good potential to give great returns in the near term.