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Monday
May, 27

2 Breakout Shares of Wednesday, Below Rs. 80!

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The rally in today’s session has strengthened the reversal in the broader trend of the markets and now it seems like the downtrend is finally halting. It’s a good time to position yourself on the long side and in that vein, here are 2 breakout shares of today’s session that went berserk.

Aban Offshore Limited

Aban Offshore Ltd. (NS:) provides offshore drilling and production services, having a market capitalization of INR 239 crore and trades at a TTM P/E ratio of 17.75. The stock went crazy on Wednesday as it rallied 11.57% to INR 45.8 and closed above a strong hurdle of INR 42.5 and that too on a closing basis.

Image Description: Daily chart of Aban Offshore with volume bars at the bottom

Image Source: Investing.com

This resistance had been keeping the stock from rising for a long time and every attempt of slicing through it eventually failed. Hence, today’s final breakout has high importance. The gigantic volume of 2.39 million shares on the NSE also improves the reliability of this move. On the upside, traders can now eye for a target of INR 50 which shouldn’t be a big task for the stock.

Emami (NS:) Realty Limited

Emami Realty Ltd (NS:) is a real estate firm with a market capitalization of INR 257 crore and trades at the TTM P/E ratio of -4.74. The stock also delivered a massive breakout above the hurdle of INR 72.5, gaining 11.53% to INR 75.95 on the back of a heavy volume of 491.2K shares, which is the highest one-day figure since mid-April 2023.

Daily chart of Emami Realty with volume bars at the bottom

Image Description: Daily chart of Emami Realty with volume bars at the bottom

Image Source: Investing.com

A retest to the breakout level might give a better entry point to traders who want to initiate long positions. The nearest level which can be seen on the screen pertaining to high momentum in the stock, is around INR 84. A stop loss below the support of INR 68 can help traders manage their risk.

Read More on : 3 Nifty 50 Cos. with ‘Greatest Returns’ in Last 5 Years!



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