2 Breakout Shares that Made a Splash on Wednesday!
Wednesday’s session was a volatile one as the broader market indices oscillated up and down throughout the day. Despite a steep fall around the opening trade, the markets were able to recover by the end of the day, with many counters witnessing a buying frenzy. Here are 2 shares that remained in the limelight today.
TV18 Broadcast Limited
One stock that is looking promising for a good reversal from its 52-week low is TV18 Broadcast Ltd. (NS:). It is a television broadcast network, with a market capitalization of INR 5,151 crores and trades at less than its book value, with a P/B ratio of 0.82. The stock recently made a 52-week low of INR 27.35, on 28 March 2023 and since then, it had been moving sideways.
Image Description: Daily chart of TV18 Broadcast with volume bars at the bottom
Image Source: Investing.com
This change of direction was reflecting an alteration in the demand-supply equation which was favoring bulls. Today, the stock jumped 8.99% to INR 32.75 and crossed above the hurdle of INR 31.5 – INR 32. The volume expansion was also noticeably high, at 34.7 million shares, the highest one-day volume since mid-December last year. As this breakout looks confirmed, traders can eye for the next level of INR 34.5 – INR 35.
Dreamfolks Services Limited
Dreamfolks Services Ltd (NS:) is a newly-listed company that has a unique business model of providing lounge access to customers and has almost a monopoly in it. The company has a market capitalization of INR 2,347 crores and trades at a TTM/PE ratio of 41.76. The stock rallied 8.55% to INR 487.65 and closed at the highest level since its listing.
Image Description: Daily chart of Dreamfolks Services with volume bars at the bottom
Image Source: Investing.com
However, it’s not just the price rise that’s catching the attention, but a breakout above an ascending triangle chart pattern with volume support. A total of 1.2 million shares exchanged hands on the NSE today, which is the highest one-day volume since 21 December 2022. This breakout above INR 470 might further propel the stock to the next level of INR 540, however, waiting for a retracement to the breakout level before going long might be a better idea.
Read More: A 4% Breakout Stock that’s Breaking Range in Style!
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Wednesday’s session was a volatile one as the broader market indices oscillated up and down throughout the day. Despite a steep fall around the opening trade, the markets were able to recover by the end of the day, with many counters witnessing a buying frenzy. Here are 2 shares that remained in the limelight today.
TV18 Broadcast Limited
One stock that is looking promising for a good reversal from its 52-week low is TV18 Broadcast Ltd. (NS:). It is a television broadcast network, with a market capitalization of INR 5,151 crores and trades at less than its book value, with a P/B ratio of 0.82. The stock recently made a 52-week low of INR 27.35, on 28 March 2023 and since then, it had been moving sideways.
Image Description: Daily chart of TV18 Broadcast with volume bars at the bottom
Image Source: Investing.com
This change of direction was reflecting an alteration in the demand-supply equation which was favoring bulls. Today, the stock jumped 8.99% to INR 32.75 and crossed above the hurdle of INR 31.5 – INR 32. The volume expansion was also noticeably high, at 34.7 million shares, the highest one-day volume since mid-December last year. As this breakout looks confirmed, traders can eye for the next level of INR 34.5 – INR 35.
Dreamfolks Services Limited
Dreamfolks Services Ltd (NS:) is a newly-listed company that has a unique business model of providing lounge access to customers and has almost a monopoly in it. The company has a market capitalization of INR 2,347 crores and trades at a TTM/PE ratio of 41.76. The stock rallied 8.55% to INR 487.65 and closed at the highest level since its listing.
Image Description: Daily chart of Dreamfolks Services with volume bars at the bottom
Image Source: Investing.com
However, it’s not just the price rise that’s catching the attention, but a breakout above an ascending triangle chart pattern with volume support. A total of 1.2 million shares exchanged hands on the NSE today, which is the highest one-day volume since 21 December 2022. This breakout above INR 470 might further propel the stock to the next level of INR 540, however, waiting for a retracement to the breakout level before going long might be a better idea.
Read More: A 4% Breakout Stock that’s Breaking Range in Style!
