Trending Share Price: Share price increased by 8.40 percent in one day, which stock has a big profit? –

Trending Share Price: D-Street indices have witnessed sharp volatility in the past few days amid rising concerns over Covid cases and aggressive rate hikes by central banks across the world, leading to fears of a recession. Midcap and smallcap stocks have booked profits and are under pressure. However, one sector that has defied such bearish sentiment is the sugar sector. Strong buying interest was seen across sugar stocks and they emerged as frontrunners to support the market. Meanwhile, Ugar Sugar Works Ltd (NSE code – UgarSugar) stock rose more than 6%, supported by good volume.

Technically, the stock has registered a strong price volume breakout despite the slowdown in the market. It jumped above the previous swing high of Rs 100.45. Interestingly, the stock traded above all its key moving averages and showed bullishness throughout the timeframe. The 14-day RSI (60.23) has entered bullish territory and shows strong strength in the stock. MACD has signaled a bullish crossover. Other momentum oscillators and technical parameters also indicate bullishness of the stock.

On a YTD basis, the stock has outperformed the broader market and delivered nearly 250% returns to its shareholders during the period. Momentum is strong and the stock is a likely candidate to trade in this volatile environment.

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