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After opening the session on a positive note, the benchmark index witnessed sharp selling in the last hour of the trade and closed the session a mere 0.02% up at 19,347.45. The tumbled to the red zone by the closing.
Despite investors liquidating their positions today, a few stocks witnessed a sharp buying interest. Here’s a list of 2 such counters.
Kellton Tech Solutions Limited
Kellton Tech Solutions Ltd (NS:) is an IT company with a market capitalization of INR 769 crore and trades at a negative TTM P/E ratio of 6.03. The stock had been consolidating in a tight range for some time and today, the range got breached on the upside as the stock surged 10.6% to INR 88.2. This move helped it clear the resistance of INR 86, and that too on a closing basis.
Image Description: Daily chart of Kellton Tech Solutions with volume bars at the bottom
Image Source: Investing.com
The volume supporting today’s rally also jumped to 5.69 million shares which is over 625% higher than the 10-day average volume of 784K shares. Amid this breakout, the stock can continue its rally till the next level of INR 93.5 – INR 94.
Subros Limited
Subros Ltd (NS:) is a well-known auto parts manufacturer with a market capitalization of INR 2,472 crore and trades at a TTM P/R ratio of 49.61. The stock had witnessed a steep fall after it topped out at around INR 520 in June 2023, and since then had slid to a low of INR 374.1 a few days back.
Image Description: Daily chart of Subros with volume bars at the bottom
Image Source: Investing.com
The entire price action formed a falling trendline resistance on the daily chart, the breakout above which materialized today. The stock jumped 8.77% to INR 412.2 and soared above the trendline, essentially indicating a trend reversal. The next stop for the stock is around INR 431 which is the peak of August 2023.
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