3 NSE-listed multibagger stocks of 2022 made a new 52-week-high in trade today
Premium- In a choppy session on Thursday, Indian equity benchmarks fell into the bearish zone.
In a choppy session on Thursday, Indian equity benchmarks fell into the bearish zone. The Nifty closed at 15,938.65 level with a downside gap of 28.00 points or 0.18 per cent. On a year-to-date basis, the Nifty is down 9.57 per cent and when compared to its 52-week-high level of 18,604.45, it is 14.32 per cent lower than the high, and when compared to its 52-week low level of 15,183.40, it is now 4.97 per cent higher than the low. However, amid the bearish moving averages, a total of 3 NSE-listed multibagger stocks of 2022 made a new 52-week-high today which can be watched out for tomorrow.
Rajnandini Metal Ltd
Today's closing price for Rajnandini Metal Ltd shares was ₹456.90, up 3.92 per cent from yesterday's close of ₹439.65. At the same closing price, the stock reached a new 52-week high; its previous 52-week high was ₹449.00, reached on May 5, 2022. The stock has risen from ₹102 on July 15, 2021, to its current level during the past year, representing a multibagger return of 347.94 per cent. The stock has gained from ₹173.20 on January 3, 2022, to the current level on a YTD basis, representing a multibagger return of 163.80 per cent so far in 2022. The stock surged from ₹187.85 on January 17, 2022, to its current price during the past six months, representing a multibagger return of 143.23 per cent. The 52-week low for the stock was Rs. 100.73, which was reached on July 14, 2021, meaning that at the current price, Rajnandini Metal is trading 353.56% higher than the low. It is also now trading above the 5 days, 20 days, 50 days, 100 days, and 200-day moving averages.
Hardwyn India Ltd
The stock has dropped 2.23 per cent from its previous close and settled at ₹265.25 after hitting a new 52-week high of ₹277.95. The stock's previous 52-week high reached on July 13, 2022, was ₹271.85. The shares of Hardwyn India climbed from ₹120 on April 12, 2021, to the current price, representing a multibagger return of 121.04 per cent over that time. The stock has provided the same or consistent multibagger return of 121.04 per cent YTD over the past six months. On April 12, 2022, the stock reached a 52-week low of ₹120.00, meaning that it is currently trading 121.04 per cent above that low. The RSI indicator of ₹67.90 is in the mid-zone, neither overbought nor oversold, and the stock is now trading higher than the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.
International Constructions Ltd
The stock reached a new 52-week high of ₹125.35 during trading today and closed at the same price, closing with an upside gap of 4.98 per cent from its previous close of ₹119.40. The previous 52-week-high of the stock was ₹122.50 which was made on 04-May-2022 and the stock had touched a 52-week-low of ₹18.95 on 31st December 2021 which indicates that at the current price level the stock is trading 561% above the 52-week-low level. The stock climbed from ₹22.85 on July 15, 2021, to its current price during the course of the past year, representing a multibagger return of 448.58 per cent. According to YTD data, the stock has surged from ₹20.85 on January 4, 2022, to its current level, representing a multibagger return of 501.20 per cent so far in 2022. The stock has risen from ₹29.10 on January 17, 2022, to its current level during the past six months, representing a multibagger return of 330.76 per cent. At the current price level, the shares of International Constructions Ltd are trading higher than 5 days, 20 days, 50 days, 100 days and 200-day moving averages.
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Commenting on the performance of Nifty today, Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd said “Market is simply following herd mentality as most of the global indices exhibited weakness, prompting domestic investors to further prune their holdings in equities. Led by a steep fall in IT stocks, metals & select banking counters, key benchmarks ended weak in yet another fragile trading session. Investors offloaded their holdings in frontline technology stocks on worries that slowdown in western & the US could squeeze margins of domestic IT companies. Technically, the Nifty has been consistently trading below 16000 and the 50-day SMA (Simple Moving Average) mark which is broadly negative. On intraday charts, the index is holding on to a lower top formation which indicates short term weakness. For bulls, 16000 would be the key resistance level and above the same, the index could move up to 16100-16150. On the flip side, 15850 would be the key support level and if it slips further, the index could fall up to 15800-15725 levels."
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