[ad_1]
As the Indian markets recovered a bit on the last day of the week, many stocks witnessed good investors’ interest. Here’s a list of 2 small-cap counters where investors’ inclination was high, resulting in a healthy breakout.
Punjab Chemicals and Crop Protection Limited
Punjab Chemicals and Crop Protection Ltd (NS:) is engaged in the business of manufacturing agro chemicals, having a market capitalization of INR 1,093 crore. The stock has fallen in a consistent manner from a high of INR 1,933.7 in August 2021 to a low of INR 727.55 in May this year.
Image Description: Daily chart of Punjab Chemicals and Crop Protection with volume bars at the bottom
Image Source: Investing.com
This decline soon abated as the demand for the stock started outstripping its supply and Friday’s sharp move of 10.29% to INR 983.7 seems to be a fresh signal of the recovery. The stock crossed its falling trendline resistance on the back of an exceptionally high volume of 666.9K shares. The stock is probably gearing up to further stretch this rally till INR 1,150.
Udaipur Cement Works Limited
Udaipur Cement Works Ltd (NS:) is a lesser-known cement manufacturer with a market capitalization of INR 1,575 crore. It is a relatively newly-listed firm on the Indian bourse, having marked its debut in December 2021 and since then the returns are almost stagnant as the stock had only moved up and down since then.
Image Description: Weekly chart of Udaipur Cement Works
Image Source: Zerodha
This week, the counter jumped 24.9% and gave a lifetime-high closing of INR 31.35 which is an extremely bullish signal. The stock is looking like a perfect candidate for delivering a 50% return even from these upper levels, as above the lifetime high of INR 32.65, there will be no overhead supply zones that will be left to halt the rally. A stop loss below this week’s low, at INR 25 can be placed.
Read More: 2 Blue-Chips with ‘Highest’ FII Buying in Q1 FY24!
[ad_2]
Source link
