It reached a new record high of Rs 1,529 on August 24. Experts suggest that short-term traders can go long in smallcap stocks with a possible target of Rs 1,900-2,600.
The company, which is part of the BSE Smallcap index, rose from Rs 1,145 recorded on July 25 to Rs 1,478 on August 24, translating to a gain of 29 per cent.
is a world leader in the design, engineering, manufacturing and distribution of refractory products.
The market capitalization of the company is around Rs 3,000 crore. Vesuvius India weekly average delivery volume is up 41.87 per cent, showed trendline data as of August 25.
The recent price action shows that the bulls are well in control. The data shows that it has grown by more than 17 per cent in a week and more than 40 per cent in the last 3 months.
Experts suggest that the stock has more than doubled from its COVID low of Rs 746, and any fall towards Rs 1,314-1,074 can be treated as a buying opportunity.
“The share price started its upward move from Rs 65 (March 2009). The stock made a high of Rs 1,486 in July 2021 with higher bottoms and top formation and traded above average in its uptrend,” Bharat Gala, President – Technical Research, Securities, said.
The stock was corrected at Rs 746 (April 2020) after the onset of covid. Higher bottoms followed and again the stock started trading above average after July 2022.
“Recently, the stock gave a range breakout and made a new high above 1500. MACD, ADX and KST indicators suggest a potential firm uptrend,” Gala said.
The KST measures price momentum for four different price cycles, combining into a single momentum oscillator. ADX is used to measure the strength of the trend.
“Probable target is Rs 1,900-2,300-2,600. If the share price corrects to the downside then there are buy levels (Rs 1,314-1,236-1,173-1,110-1,074). The stop loss to be seen in the trade is Rs 940,” recommends Gala.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)