There were some positive sentiments seen in the broader markets today with the benchmark index closing the session 0.41% up at 19,597.3. However, a few sectors such as banking and metal were laggards.
Going with the trend of the day, here’s a list of 2 healthy breakouts that caught the attention on the street.
ITI Limited
ITI Ltd (NS:) is a telecom equipment manufacturer with a market capitalization of INR 10,622 crore. The stock received special love from investors as soaring demand helped it to surge 8.8% to INR 119.9 on the back of a heavy volume of 9.37 million shares, the highest one-day volume since 9 May 2023.
Image Description: Daily chart of ITI with volume bars at the bottom
Image Source: Investing.com
This is the highest level in the last 11 months, denoting a strong upside momentum. On the daily chart, the stock also surged past its falling trendline resistance which is a good signal for a trend change. The counter seems to be in a bullish trend and might soon travel to the next hurdle of INR 130.
Zee Media Corporation Limited
Zee Media Corporation (NS:) is a well-known broadcasting network with a market capitalization of INR 669 crore. It is making losses for the last 2 financial years, however, on the technical front, the stock is looking good for investors. Today, it jumped 14.8% to INR 12.4, backed by a volume of 20.8 million shares on the NSE.
Image Description: Daily chart of Zee Media Corporation with volume bars at the bottom
Image Source: Investing.com
The counter has been witnessing increased volume activity for the last many sessions, in sync with the upward movement which is a very healthy sign for a strong trend. Today’s breakout above the hurdle of INR 11.5 has only strengthened the confidence in this counter and it might be heading towards the next level of INR 14 quite shortly.
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