This midcap stock jumped over 80% in the past 4 months; do you own it?

Massive volumes were recorded in the past 2 days, which suggests strong institutional participation in the stock.

The Indian indices have seen strong positivity amid good global cues. Strong buying is seen across quality midcap and smallcap stocks. The stock of Triveni turbine has jumped over 5% to hit a fresh all-time high of Rs 270.80 level on the NSE.

Massive volumes were recorded in the past 2 days, which suggests strong institutional participation. In the past 3 months, the stock has surged over 80% and is one of the top performing midcap stocks among its peers. Interestingly, from the past 54 trading sessions, the stock has been consistently trading above 20-DMA, which is an extremely positive sign.

From the technical perspective, the stock possesses strong bullishness. The 14-period daily RSI (80.81) shows strong strength, while the ADX (57.71) is in an upward direction, showing rising trend strength. The MACD has indicated a fresh buy at higher levels, which is positive. The OBV is at its peak, which suggests rising participation in the stock. The Elder impulse system, along with TSI and KST indicators show bullishness. 

In its recent quarterly results, the company posted stellar earnings as net sales jumped 40.74% YoY to Rs 259 crore in June 2022, while EBITDA rose 35% YoY to Rs 41.31 crore. The management expects robust demand in upcoming quarters and is well prepared against global externalities. Meanwhile, many credit agencies have given a positive outlook for the shares. 

Currently, the TRITURBINE share price trades at Rs 269. Momentum traders, as well as long-term investors, should keep an eye on this stock to track its further performance. Triveni Turbine Ltd is a leading industrial steam turbine manufacturer, with a dominant market share of over 60% in India. Over 5,000 steam turbines supplied by Triveni have been installed across 18 industries in over 70 countries. With a market capitalisation of over Rs 8680 crore, it is one of the strongest players of its sector.