Mumbai: The shares of Balaji Amines Limited are seeing a lot of gains today. It gained over five per cent in early trade. It is gaining momentum and has risen over 26 per cent from its previous swing low of Rs 2701. Monsoon is expected to be normal in the country this year and due to this the fertilizer sector of the country has benefited. The supply of fertilizer in the world has been affected due to the war between Ukraine and Russia. Due to this, the demand for fertilizers and chemicals has increased significantly. This has given rise to this stock, which is expected to continue in the future as well.
It is trading above the 200-DMA on the technical chart. It has crossed the strong resistance level of Rs 3300 with heavy volumes. Market participants are showing huge interest in this and in view of this, its volume has gone above the average. According to technical indicators, its 14-day daily RSI (67.57) is in bullish territory and is trading above its previous swing high. Its MACD histogram is rising and showing bullish momentum. Its On Balance Volume is also indicating strong strength in terms of volume. All other momentum oscillators are also indicating a rise in this stock.
Technically this stock is in strong bullish momentum. There is no sign of stopping the bullish trend at the moment and it can go up to Rs 3500 in the coming days. Traders have a good opportunity for momentum trading and can expect good returns in the short term.
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