Top Trending Stock: Wabco India
5paisa Research Team
14th December 2022 - 05:33 pm
The stock of Wabco India has hit a fresh all-time high of Rs 8780 despite bad sentiment in the market today.
The stock of Wabco India is quite bullish since the medium term as it has delivered about 20% returns to its shareholders in just 3 months. The bullish nature can be attributed to the fact that the stock has never closed below the 20-WMA since the third week of January last year. Moreover, on the daily timeframe, the moving average is rising upwards which indicates a strong trend of the stock. This claim is held true by the trend indicator ADX, which is rising above 25. The positive directional movement (+DMI) crossed the -DMI a few trading sessions back and is currently above it. This shows strong strength and potential in the stock. Also, the price action during the last few weeks is backed by rising volumes which validate the bullish nature of the stock.
Last year, the stock has reported an over 50% increase in its share value. The stock is majorly held by the promotors which is about 75%. The mutual fund houses, too, include this stock in their portfolio and hold about 15% share in the company. This shows that the company is safe for investing, too.
Wabco India Ltd is a midcap company, engaged in the manufacture of air brake actuation systems for commercial vehicles. With intensive R&D efforts and high-quality standards, their products have found global acceptance. With a market cap of Rs 16,226 crore, it is one of the most promising companies in its sector.
Considering the performance Wabco India stock has shown, we can expect it to continue its momentum on the higher side. Traders can expect some good returns for the short to medium term as the technical analysis validate our point.
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Tanushree Jaiswal
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