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As the Indian markets are trading at an all-time high, it would be prudent to skew the portfolio towards the long side. In that vein, investors can have a look at the shares of Quess Corp Ltd (NS:). It is a small-cap company which is in the business of providing diversified services across four segments – Global Technology Solutions Group, Industrial Asset Management Group, Integrated Facilities Management, and People & Services
The stock seems to be gearing up for a big rally in the coming days. Today, it jumped around 4.8% to INR 444, by 9:40 AM IST and surged past its resistance of INR 436. This supply zone has been tested a few times in the recent past which increases the importance of today’s breakout above it.
Image Description: Daily chart of Quess Corp with volume bars at the bottom
Image Source: Investing.com
The trend has continued on the positive side after today’s move and bears should maintain caution from here. As it’s not even been an hour into today’s trading session, considering volume figures might not be appropriate. However, a total of 786K shares have exchanged hands so far, which is over 204% higher than the 10-day average of 257.9K shares. I will consider this quite a high volume and it might take just another hour to cross the 300% threshold mark.
There is some resistance around INR 457 which can be deemed as the first level where some profit booking can kick in. However, as the stock is trading at lower levels compared to its long-term chart structure, it might hold a good potential to cross this hurdle as well and scale to even higher highs.
The risk on long positions can be curbed by maintaining a stop loss below INR 419 which is the immediate swing low.
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