Single digit P/E, good dividend yield stock below Rs 50 is on the verge of breakout; watch out!
It has formed a base in its weekly chart, and it is on the verge of breakout from this base. Â Â
SJVN Limited is engaged in the business of electricity generation along with providing consultancy for hydropower projects.
SJVN aims to be a 5,000 MW company by 2023, 12,000 MW by 2030 and 25,000 MW by 2040. Presently, the total portfolio of SJVN is 10,011 MW, out of which, 2,016.5 MW is under operation, 3,301 MW is under construction while 426 MW is under pre-construction and 4,267 MW is under survey & investigation stage.
The stock jumped over 6 per cent on Monday and has reached the levels that were seen last in the month of June 2021. It has formed a base in its weekly chart, and it is on the verge of breakout from this base.
The 14-period RSI is in super bullish territory on the daily timeframe and moreover, it has been in a rising trajectory. The stock is trading above all its important short, medium and long-term moving averages. And moreover, these moving averages are in the desired sequence.
The stock is up by 21.33 per cent on a YTD basis while on an MTD basis, it is up by 7.10 per cent.