Share Market Update: 5 percent return in one day, before the budget, the ‘sun’ shone in the stock market! –

Share Market Update: Shares of Surya Roshni Limited (NSE code – SURYAROSNI) rose over 5% in the early hours of Tuesday’s trading session amid strong buying interest from market participants. The smallcap stock outperformed the broader market as it hit a new 52-week high supported by huge volume.

Technically, the stock has broken out of its 8-day consolidation. Interestingly, all moving averages are in an uptrend and exhibit bullishness across all timeframes. The 14-day RSI (70.96) has entered super bullish territory and indicates strong strength. MACD has indicated a bullish crossover while rising ADX (43.95) shows strong upside potential. Relative strength (RS) lies in the bullish zone and shows the stock’s outperformance against the broader market. The 20-DMA level of Rs 585 will act as immediate support, while the mid-term resistance at Rs 700 is expected to be tested for bullishness going forward.

The stock has already generated nearly 30% return to its shareholders this month. Traders can keep this stock in their watchlist to track its further development.

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