Shares of Usha Martin surged more than 16 percent on October 11 to hit a fresh record high on account of a sharp surge in trading volumes.
So far in the day, around 3 crore shares of the company changed hands on BSE and NSE combined, compared to the one-month average trading volume of 7 lakh shares.
Usha Martin stock is currently trading above its 200-day moving average (DMA) of Rs 345.4. The 200-day DMA is used as a key indicator by traders for determining the overall trend in a particular stock.
As long as the stock is priced above the 200-day SMA on the daily time frame, it is generally considered to be an overall uptrend.
Follow our market blog to catch all the live action
On the daily chart, Usha Martin has formed a substantial bullish candle, signalling strong upward momentum. The stock has successfully broken out of its previous range and is showcasing robust bullish sentiment.
With the stock reaching a new all-time high, it indicates buyer dominance. This price action is backed by significant volume, reflecting increased buying interest at the current levels.
Additionally, the relative strength index (RSI) is positioned in the upper range, further supporting a positive outlook for the stock. RSI is a momentum indicator used in technical analysis. It measures the speed and magnitude of a security's recent price changes to detect overvalued or undervalued conditions in the price of that security.
Also Read | Noel Tata likely to be appointed chairman of Tata Trusts, Mehli Mistry may become permanent trustee: Report
Usha Martin is a midcap firm engaged in the business of wire and wire ropes – manufacture and sale of steel wires, strands, wire ropes, cord, related accessories, wire drawing and allied machines, etc.
At 11:53 am, Usha Martin stock was locked trading 16 percent higher at Rs 426.85 on the National Stock Exchange (NSE) in the previous session. The stock has risen around 46 percent so far this year, outperforming Nifty's returns of 14 percent.
In the last one year, the counter has risen around 31 percent compared to Nifty's gain of 26 percent during this period.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
