Mumbai: Shares of Engineers India rose more than seven per cent in early trade today. With this, the stock has exited the short term resistance level of Rs 63.50. Interestingly, this is its 50-DMA level. Not only this, today this stock has registered strong volume which is more than its 10 day, 30 day and 50 day average volume. It is in a strong downtrend on the weekly chart but has made a rounding bottom in the last four weeks. For this, the level of Rs 60 has emerged as a strong support and heavy buying is visible in it. It is currently trading above the 20-day and 50-day moving averages and is likely to rise in the near term.
As per the technical parameters, the stock is showing good strength. Its 14-day RSI (57.96) is trading above its previous swing high and is indicating a sharp rise in the coming days. Its MACD histogram is continuing to rise and is showing bullish signals. The interesting thing is that its On Balance Volume has increased rapidly today and has reached its peak. There is a huge interest from buyers in terms of volume. Meanwhile, its KST and TSI indicators are showing strong strength.
Looking at the technical parameters, the stock is expected to gain a lot in the short to medium term and may go up to Rs 65.8. Swing traders have a good chance and can expect good profits in the coming days.
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