[ad_1]
The markets have recovered somewhat from their lows made in the morning, with the index now trading with a cut of 14 points to 19,380, by 2:45 PM IST. However, one stock that didn’t see any selling pressure since the beginning of the trade is Centrum Capital Ltd (NS:).
It offers a wide range of financial services in the area of project finance, stressed asset resolution, etc. It has a market capitalization of INR 1,056 crore and FIIs have almost doubled their stake in this company in a year, from 0.44% in the September 2022 quarter to 0.82% in September 2023.
Image Description: Daily chart of Centrum Capital with volume bars at the bottom
Image Source: Investing.com
Today, the stock garnered high investors’ interest which led it to rally over 9% to INR 29.15. This is an impressive move considering the lackluster mood of the markets. The rally not just helped the stock to surge past a strong hurdle of INR 28, but also threw it to a new 52-week high.
The confluence of a resistance breakout with a new 52-week high is painting a bullish picture for this counter. On the volume front, there are no complaints at all. As of the writing, the stock witnessed a total volume of 77.75 million shares which is the highest 1-day figure in over a year and 393% higher than the 10-day average volume of 1.57 million shares.
The icing on the cake is that today is Friday, which also qualifies this breakout on the weekly time frame. If the stock manages to close above INR 28 today, then a further potential to the next resistance of INR 32 will unfold. The support of INR 26 seems an ideal level to place stop loss orders in case the stock takes a U-turn.
—————————————————————-
BLACK FRIDAY SALE: You can avail InvestingPro+ at a massive 55% discount and by using the coupon code PROC324 get an extra 10% discount over and above the ongoing promotional price for the Bi-yearly plan only.
Access the link at: https://www.investing.com/pro/pricing?entry=partners&sub_entry=IN-Content-Aayush&utm_source=partners&utm_campaign=other&utm_content=article&utm_term=IN-Content-Aayush
[ad_2]
Source link
