Gladiator Stocks - Sanghvi Movers - ICICI Direct

Technical View

- The capital goods sector has been resilient during the recent market correction and is seen outperforming the broader market. Within small cap capital good stocks, Sanghvi Movers is our preferred pick. It recently witnessed strong buying demand from the 52 week's EMA (at Rs. 191) and during the current week logged a resolute breakout from last four month's range (Rs. 219-169) signalling resumption of up move and offering an entry opportunity

- Key point to highlight is that the stock has entirely retraced past two week's decline (Rs. 219-194) in just a single week, highlighting robust price structure that augurs well for acceleration of upward momentum

- The weekly MACD is seen moving into positive territory and recently generated a buy signal moving above its nine period's average, thus validating the positive bias

For details, click on the link below: Link to the report

Shares of Sanghvi Movers Limited was last trading in BSE at Rs. 222.80 as compared to the previous close of Rs. 224.90. The total number of shares traded during the day was 10031 in over 793 trades.

The stock hit an intraday high of Rs. 225.80 and intraday low of 219.25. The net turnover during the day was Rs. 2228197.00.

Source : Equity Bulls

Keywords

SanghviMovers INE989A01024 GladiatorStocks ICICIDirect