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While today’s session was definitely a win for bears, there were very few counters that still witnessed investors’ interest. AVG Logistics Ltd (NS:) was one such counter which is a logistics company with a market capitalization of INR 320 crore.
The stock has already been a multibagger, rallying from INR 55 odd levels in August 2022 to the CMP of INR 295 today. However, in August 2023, the stock saw a slight selling pressure but no sharp correction occurred as the subtle supply kept matching the demand for the shares.
Image Description: Daily chart of AVG Logistics with volume bars at the bottom
Image Source: Investing.com
However, the stock started picking up pace from mid-September 2023 and rallied in a one-way fashion. This sharp jump in the share price of AVG Logistics was also backed by visible volume expansion. With these relatively higher volume figures, the stock continued to surge toward an all-time high in today’s session, breaking above the resistance of INR 289 in style. The stock ended the session 8.3% up at INR 295.
As the stock is trading at a never-before-seen level, traders can establish a bullish view on it. It’s difficult to gauge what could be the target for this rally, however, from a conservative estimate, the stock could touch INR 340 in the coming weeks. As this is a very small company with less volume, these levels can come on the screen shortly.
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