Traders show fresh interest in KEC International; Do you own it?

KEC International shares jumped over 4% during the initial hours of Monday’s trading session. 

Indian indices have seen a sharp up move amid positive global cues. The midcap and smallcap stocks continue to outperform as strong buying is seen lately. Meanwhile, the stock of KEC International has soared over 4% and has registered a strong price volume breakout from its month-long consolidation pattern.

Currently, the KEC share price is trading at Rs 422 on NSE. With this, it has surged above its 20-DMA and 100-DMA and is trading near its 50-DMA. Interestingly, the volume has been good, which indicates active buying interest. Moreover, the stock has crossed above its 38.2% retracement level of its prior downtrend. 

Along with its positive price pattern, the technical indicators indicate strong strength in the stock. The 14-period daily RSI (56.76) has significantly improved and shows rising strength. The MACD has indicated a bullish crossover lately and indicates upside potential. The +DMI is above its -DMI. The Elder Impulse system has given a fresh buy. Moreover, TSI and KST indicators show positivity. In a nutshell, the stock has become technically strong and is expected to trade higher in the upcoming days. 

In the past 3 months, the stock has jumped over 10% and has seen good buying interest. Considering the bullish price pattern breakout, the stock can test the level of Rs 450 over the medium term. 

In its recent quarterly results, the company reported a 30% YoY rise in net sales, while its EBITDA jumped over 9% YoY to Rs 176 crore in June 2022. The management believes in strong growth despite rising global challenges. Swing traders can include this stock in their watchlist to track its further development! 

KEC International Limited is a global infrastructure Engineering, Procurement & Construction (EPC) major. The company has powered infrastructure development in over 48 countries and also has a growing presence across Power Systems, Cables, Railways, Telecom and Water.