Monte Carlo ticks all the boxes of a perfect trading set-up!
The stock is extremely bullish on all fronts and technical parameters show strong strength.
Monte Carlo Fashions is a popular apparel retailer and garments manufacturer with a market capitalisation of about Rs 1,500 crore. The main objective of the company is to stand up to the buyers' expectations with consistent quality backed with R&D divisions equipped with the latest technology, a team of highly qualified technocrats and adhering to timely schedules. The company has been catering to the ever-growing demands of the clothing and fashion industry in India.
After a long period of consolidation, the stock of Monte Carlo Fashions (NSE Code: MONTECARLO) has surged nearly 5 per cent amid strong buying interest from the market participations. With this, it has crossed above its 20-DMA with massive volumes. The key technical parameters like 14-day RSI and MACD show bullishness and rising strength in the stock. In a nutshell, the stock is extremely bullish on all fronts and technical parameters show strong strength.
On YTD basis, the stock has generated over 20 per cent returns to its shareholders and has been a proven multibagger in the past 3 years, having soared nearly 200 per cent during this period! The business faced difficulties during the COVID pandemic and remained under pressure during 2021-2022. However, the management expects robust growth in the near future, which has revived investors’ confidence.
The company is strongly backed by the foreign and domestic institutions. It can be a great stock for trading in short to medium term, with a lot of potential to deliver good returns. Currently, the shares are trading at Rs 730 level on NSE. Momentum traders and long-term investors must track this stock and benefit from the fresh interest rising in the stock.