2 Breakout Shares that Went Crazy on Friday!
Friday’s session was again a good one. All sectoral indices closed in the green zone, with the index gaining the highest traction, rallying 2.45% to 4,167.65, the highest level since 25 January 2023.
With the SGX closing above 18,200, keeping some high-flying stocks on the radar might be a good idea for the next week. In that vein, here are 2 stocks that ended Friday with a sharp breakout.
Ceat Limited
CEAT Ltd (NS:) is a famous tyre manufacturer, having a market capitalization of INR 5,676 crores and currently trades at a TTM P/E ratio of 73.04. The stock delivered a staggering rally on Friday, gaining 10.97% to INR 1,557.2, breaking above the range with a resistance of INR 1,480 and support of INR 1,360.
Image Description: Daily chart of Ceat with volume bars at the bottom
Image Source: Investing.com
This 2-month-long range was finally broken last week with a firm closing. The breakout was also supported by a humongous rise in the volume figure to 2 million shares, a staggering rise of 1,200% over the 10-day volume of 149K shares which has significantly increased the reliability of the impending up move. The stock can now rally to a level of around INR 1,600 and traders can maintain a stop loss below the low of the range, at INR 1,360 or more aggressive traders can place a small stop loss just below the resistance. Initiating long positions on a retracement will give a much better entry point.
Polyplex Corp Limited
Polyplex Corporation Ltd (NS:) produces thin polyester (PET) films and has a market capitalization of INR 3,971 crores. The stock has one of the highest dividend yield in this space, at 8.22%, making it a darling for dividend lovers. The stock gained 7.39% to INR 1,358.55 on Friday, surging past a brief consolidation phase.
Image Description: Daily chart of Polyplex Corporation with volume bars at the bottom
Image Source: Investing.com
This seems like a trend continuation signal as the stock already started to move in the upward direction, prior to the breakout. The breakout was accompanied by a huge volume of 608K shares, the highest one-day volume since 18 January 2023. As the stock is quite beaten down, there is a huge scope for it to rally significantly higher. The next hurdle of INR 1,700 seems easily achievable if given some time.
Read More: A ‘Bull Call Spread’ for ‘High-Probable’ Reversal!
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Friday’s session was again a good one. All sectoral indices closed in the green zone, with the index gaining the highest traction, rallying 2.45% to 4,167.65, the highest level since 25 January 2023.
With the SGX closing above 18,200, keeping some high-flying stocks on the radar might be a good idea for the next week. In that vein, here are 2 stocks that ended Friday with a sharp breakout.
Ceat Limited
CEAT Ltd (NS:) is a famous tyre manufacturer, having a market capitalization of INR 5,676 crores and currently trades at a TTM P/E ratio of 73.04. The stock delivered a staggering rally on Friday, gaining 10.97% to INR 1,557.2, breaking above the range with a resistance of INR 1,480 and support of INR 1,360.
Image Description: Daily chart of Ceat with volume bars at the bottom
Image Source: Investing.com
This 2-month-long range was finally broken last week with a firm closing. The breakout was also supported by a humongous rise in the volume figure to 2 million shares, a staggering rise of 1,200% over the 10-day volume of 149K shares which has significantly increased the reliability of the impending up move. The stock can now rally to a level of around INR 1,600 and traders can maintain a stop loss below the low of the range, at INR 1,360 or more aggressive traders can place a small stop loss just below the resistance. Initiating long positions on a retracement will give a much better entry point.
Polyplex Corp Limited
Polyplex Corporation Ltd (NS:) produces thin polyester (PET) films and has a market capitalization of INR 3,971 crores. The stock has one of the highest dividend yield in this space, at 8.22%, making it a darling for dividend lovers. The stock gained 7.39% to INR 1,358.55 on Friday, surging past a brief consolidation phase.
Image Description: Daily chart of Polyplex Corporation with volume bars at the bottom
Image Source: Investing.com
This seems like a trend continuation signal as the stock already started to move in the upward direction, prior to the breakout. The breakout was accompanied by a huge volume of 608K shares, the highest one-day volume since 18 January 2023. As the stock is quite beaten down, there is a huge scope for it to rally significantly higher. The next hurdle of INR 1,700 seems easily achievable if given some time.
Read More: A ‘Bull Call Spread’ for ‘High-Probable’ Reversal!
