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Today’s session was an extremely good one, especially for individual counters. On the index level, there weren’t very high gains, however, there was no dearth of stocks that went berserk on Monday. The market breadth was quite positive and only 2 sectoral indices closing in the red – and .
Although, you would easily get a long list of breakout shares in today’s session, here are a few of my favorite ones from the micro-cap space.
Manaksia Coated Metals & Industries Limited
Manaksia Coated Metals & Industries Ltd (NS:) is a micro-cap manufacturer of coated metal sheets, having a market capitalization of INR 124 crore. This high volatile counter jumped 10.29% in today’s session to INR 20.9 on the back of good strength in the entire metal space. The stock also broke above its immediate swing high of INR 20.45 which is a good sign for the uptrend.
Image Description: Daily chart of Manaksia Coated Metals & Industries with volume bars at the bottom
Image Source: Investing.com
The volume in today’s trade was clocked at over 571.5K shares on the NSE, which was over 180% higher than the 10-day average volume of 203.7K shares. The stock has formed a good base on the long-term chart and seems poised to rally to around INR 25.5, above which it will give a fresh 52-week high breakout.
Univastu India Limited
Univastu India Ltd (NS:) is a construction and engineering company with a market capitalization of INR 106 crore. The stock had shown a one-way fall since 27 July 2023 and on its way down, it formed a falling trendline resistance on the daily chart. This downtrend got over in today’s session as the stock surged 7.5% to INR 100.55 and soared above this trendline.
Image Description: Daily chart of Univastu India with volume bars at the bottom
Image Source: Investing.com
Today’s volume was recorded at over 94.2K shares, which might seem less, but it is 341% higher than the 10-day average of 21.3K shares. Because the general volume in this counter is low, the stock can rally to higher levels quite rapidly due to a lack of potential sellers. On the upside, long holders should eye for INR 109 this week.
In case you want to connect with me, reach out on Twitter. My handle is – aayushxkhanna
Read More: Diversification: A Triad of Portfolio Armor!
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