Multibagger stock under Rs 50: This small cap stock rallied more than 1800 per cent! Is it ready for next up move?
As of December 2022, Foreign institutional Investors (FIIs) and Domestic institutional Investors (DIIs) hold 4.71 per cent and 10.2 per cent stake of the company respectively.Â
The broader markets remained under pressure on Thursday amid poor global sentiment. However, one stock that witnessed strong buying interest has surged over 11 per cent! Belonging from the plastic products industry, the scrip has rallied 1800 per cent from the covid lows which has attracted investors' attention.
The stock is Jain Irrigation Systems Limited (NSE Scrip CODE: JISLJALEQS), which is primarily engaged in providing solutions in agriculture, piping and infrastructure through manufacturing of Micro Irrigation Systems, PVC Pipes, HDPE Pipes, Plastic Sheets, Agro Processed Products, Renewable Energy Solutions, Tissue Culture Plants, Financial Services and other agricultural inputs.
As of December 2022, Foreign institutional Investors (FIIs) and Domestic institutional Investors (DIIs) hold 4.71 per cent and 10.2 per cent stake of the company respectively.
Currently, the stock is in consolidation zone from October 2021 and making lower highs and lower lows, after the multiyear rally from Rs. 3.05 to Rs. 53.50, it has almost retraced 50 per cent. Despite of severe weakness in markets, the stock has managed to hold its 50 per cent retracement support.
Now, the stock is trading around Rs. 31.60 level on NSE. Interestingly, it has registered a breakout from its falling trendline on daily charts and rallied more than 11 per cent with highest ever volume in almost a year in the first half of the session only.
Also, the 14-day period RSI (58.74) has crossed its previous multiple swing highs and positive crossover of key short-term moving averages indicates strong momentum.
Considering the positive price action and bullish technical parameters, traders and investors should track this stock closely in upcoming trading sessions.