Bajaj Hindusthan Sugar shares extend gains, jump 19% today to hit one-year high; key technical levels to watch
Bajaj Hindusthan Sugar share price: The stock soared 19.21 per cent to hit a 52-week high of Rs 34.88. At this price, the multibagger scrip has ascended by more than 200 per cent in a year.
- Nov 6, 2023,
- Updated Nov 6, 2023 3:36 PM IST
Shares of Bajaj Hindusthan Sugar continued their strong up move for the eighth straight session in Monday's trade. The stock soared 19.21 per cent to hit a 52-week high of Rs 34.88. At this price, the multibagger scrip has ascended by more than 200 per cent in a year.
On BSE, around 1.90 crore shares changed hands today at the time of writing this story. The figure was way more than the two-week average volume of 53.69 lakh shares. Turnover on the counter came at Rs 61.88 crore, commanding a market capitalisation (m-cap) of Rs 4,397.95 crore. There were 11,32,354 sell orders against buy orders of 7,31,846 shares.
Support on the counter could be seen around Rs 30 level. On the higher side, an analyst said it may climb up to Rs 40 in the near term.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "At current juncture, the stock has gained momentum and surged almost 49 per cent after hitting a low of Rs 22.50. Since, it is trading way above all key exponential averages, one needs to be cautious as we may see some profit booking in the coming sessions. On the indicator front, the daily RSI (Relative Strength Index) is extremely overbought, i.e. 84 level, which might cool in upcoming sessions. As we advance, support is seen near Rs 30 and resistance is seen near Rs 34.5."
AR Ramachandran from Tips2trades said, "Bajaj Hindusthan is bullish but also overbought on daily charts with next resistance at Rs 33.8. Investors should be booking profits at current levels as a daily close below support of Rs 29.7 could lead to a fall till Rs 25 in the near term."
DRS Finvest founder Ravi Singh said the stock is in a strong upward trend currently. "It may see a target price of Rs 40 in the near term. Keep stop loss placed at Rs 28," Singh mentioned.
On technical setup, the counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day RSI came at 78.89. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-equity (P/E) ratio of 22.85 against a price-to-book (P/B) value of 1.40. Return on equity (RoE) was also negative, at -6.13.
The scrip has a one-year beta of 1.17, indicating low volatility. As of September 2023, promoters held 24.95 per cent stake in the company.
(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
Also read: Hot stocks on November 6: Suzlon Energy, Zomato, Reliance Power, Poly Medicure and more
Also read: Varun Beverages shares trading flat post Q2 earnings; check details
Shares of Bajaj Hindusthan Sugar continued their strong up move for the eighth straight session in Monday's trade. The stock soared 19.21 per cent to hit a 52-week high of Rs 34.88. At this price, the multibagger scrip has ascended by more than 200 per cent in a year.
On BSE, around 1.90 crore shares changed hands today at the time of writing this story. The figure was way more than the two-week average volume of 53.69 lakh shares. Turnover on the counter came at Rs 61.88 crore, commanding a market capitalisation (m-cap) of Rs 4,397.95 crore. There were 11,32,354 sell orders against buy orders of 7,31,846 shares.
Support on the counter could be seen around Rs 30 level. On the higher side, an analyst said it may climb up to Rs 40 in the near term.
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "At current juncture, the stock has gained momentum and surged almost 49 per cent after hitting a low of Rs 22.50. Since, it is trading way above all key exponential averages, one needs to be cautious as we may see some profit booking in the coming sessions. On the indicator front, the daily RSI (Relative Strength Index) is extremely overbought, i.e. 84 level, which might cool in upcoming sessions. As we advance, support is seen near Rs 30 and resistance is seen near Rs 34.5."
AR Ramachandran from Tips2trades said, "Bajaj Hindusthan is bullish but also overbought on daily charts with next resistance at Rs 33.8. Investors should be booking profits at current levels as a daily close below support of Rs 29.7 could lead to a fall till Rs 25 in the near term."
DRS Finvest founder Ravi Singh said the stock is in a strong upward trend currently. "It may see a target price of Rs 40 in the near term. Keep stop loss placed at Rs 28," Singh mentioned.
On technical setup, the counter was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day RSI came at 78.89. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-equity (P/E) ratio of 22.85 against a price-to-book (P/B) value of 1.40. Return on equity (RoE) was also negative, at -6.13.
The scrip has a one-year beta of 1.17, indicating low volatility. As of September 2023, promoters held 24.95 per cent stake in the company.
(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
Also read: Hot stocks on November 6: Suzlon Energy, Zomato, Reliance Power, Poly Medicure and more
Also read: Varun Beverages shares trading flat post Q2 earnings; check details