RattanIndia Enterprises; Dark Horse Stock of the Day

In a remarkable surge, RattanIndia Enterprises Ltd has set the stock market abuzz with a phenomenal 7% increase in its stock price, accompanied by an unprecedented surge in total trade volume on the National Stock Exchange (NSE). With over 8.8 million shares traded so far, this single-day volume surpasses any recorded since mid-January 2023, marking a monumental milestone for the company. 

The trading day began with the stock opening at Rs 40.80, briefly dipping to an intraday low of Rs 40.70. However, it didn’t take long for buying interest to emerge and propel the stock to new heights, reaching an intraday high of Rs 44.40. This upward trend, accompanied by significant trading activity, indicates a strong surge in buying interest for RattanIndia Enterprises Ltd, marking the third consecutive day of such positive movement. 

From a technical standpoint, the stock is currently trading above its 20-day and 50-day moving averages (DMA), suggesting a favourable outlook. Furthermore, on an intraday basis, it even managed to surpass its important long-term 200-day moving average, although market volatility caused a slight retracement from the day’s peak. The daily 14-period Relative Strength Index (RSI) has hit a new swing high and remains firmly in bullish territory, affirming a positive bias. Additionally, the daily Moving Average Convergence Divergence (MACD) is trending upward while staying above its nine-period average, further validating the positive sentiment surrounding the stock. The Average Directional Index (ADX), a measure of trend strength, sits at 28.51, indicating a robust uptrend. The current ADX reading confirms an upward trajectory, with the +DI (positive directional indicator) significantly surpassing the -DI (negative directional indicator) and ADX, signalling strong bullish strength. 

RattanIndia Enterprises Ltd serves as the growth platform for RattanIndia Group’s new-age businesses, which aim to leverage cutting-edge technologies to transform the lives of over a billion Indians. The company’s portfolio comprises various ventures, including electric mobility through Revolt Motors, e-commerce with Cocoblu Retail, fashion brands through Neobrands, fintech services with Wefin, and drone technology through Neosky. 

As of the quarter ending in March 2023, the promoter holding in RattanIndia Enterprises Ltd stands at 74.86%. Additionally, foreign institutional investors (FIIs) have increased their stake from 9.47% to 9.51% during the same quarter, showcasing their growing confidence in the company’s prospects. 

The recent surge in stock price and the trading volume reflects the market’s recognition of RattanIndia Enterprises Ltd’s potential and the positive sentiment surrounding its innovative businesses.