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While the selling pressure is quite evident on the broader markets with the benchmark index closing the week 0.45% lower at 19,310.15, investors are still showing confidence with their purchases in the small and mid-cap spaces.
In case you are looking for some strong stocks, here’s a list of 2.
Mukta Arts Limited
Mukta Arts Ltd (NS:) is a film production and distribution company founded by Subhash Ghai (a famous film director), with a market capitalization of INR 117 crore. The stock delivered an unexpected return of 12.9% on Friday and closed at INR 58.65 which is the highest closing of CY23. With this rally, the stock also surged past its 200-day moving average which is a long-term bullish signal.
Image Description: Daily chart of Mukta Arts with volume bars at the bottom
Image Source: Investing.com
The volume on this breakout day was clocked at 1.37 million shares on the NSE, which is approximately 3,241% higher than the 10-day average of 41.08K shares. The stock seems all set to travel to the next hurdle of INR 65 in the next couple of weeks. In case, it falls back below its 200-day moving average, traders can think of exiting from their long positions.
EIH Limited
EIH Ltd (NS:) is engaged in the hotel business and operates luxury brands such as Oberoi and Trident (NS:), having a market capitalization of INR 1,385 crore. The stock has delivered a very healthy return of 44.6% in the last 12 months and on Friday, it gave a range breakout, surging 4.3% to INR 224.2. On the weekly chart, the stock closed at the highest-ever level since its inception which further strengthens the bullish tone.
Image Description: Daily chart of EIH with volume bars at the bottom
Image Source: Investing.com
As per the range from which it has come out, the nearest level that can be touched by the counter is INR 240. A stop loss below the lower end of the range, i.e. at INR 200 can be placed to minimize the risk.
Read More: FIIs’ TOP 3 Purchases in Banking Space in Q1 FY24!
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