Praj Industries counters display robust bullish setup, technical data shows

Analyst suggests traders looking to capitalise on this upward potential to consider an accumulation of the stock in the range of Rs 620 to 622.5. Setting a stop loss at Rs 576 (closing basis) shall help manage risks effectively

Sucheta Anchaliya

November 24, 2023 / 12:45 IST

Representative image

Technical data indicates that Praj Industries has recently undergone a breakout on technical charts, reaching an all-time high. A strong bullish setup continues to be observed on Praj Industries' counter.

At 11:52 am on November 24, Praj Industries' stock is trading 0.44 percent higher at Rs 618.60.

Candlestick chart of Praj Industries showing volume breakout in the scrip

The stock's upward movement was accompanied by significant trading volume and the formation of a bullish candle. According to Nikhil Zelawat, Founder and CEO of StocksEmoji, "In addition to the positive sentiment, the stock is currently positioned above the 50 and 100-day moving averages. It has reached a new 52-week high as well as an all-time high, reflecting a bullish trend and reinforcing the favorable outlook for the stock."

"In terms of fundamental strength, Praj Industries stands out as it is nearly debt-free. The company's financial stability is further underscored by its profit growth of 47.1 percent CAGR over the last 5 years, demonstrating a robust and consistent financial performance. The combined technical and fundamental evidence strongly supports a positive outlook for Praj Industries in the upcoming trading sessions," he further said.

For traders looking to capitalise on this upward potential, Zelawat suggests considering an accumulation of the stock in the range of Rs 620 to 622.5. Setting a stop loss at Rs 576 (closing basis) shall help manage risks effectively.