2 Breakout Shares Under Rs 20 that went Against the Grain today!
The last day of the week didn’t end well for the bulls. There was a decent profit booking seen across all the sectors with the index closing 0.61% down at 18,496.6 which totaled to around 1.08% correction for the week.
Despite bears having an upper hand today, some high volatile small caps went against the grain and cheered investors with a breakout on the charts. Here’s a list of 2 such stocks.
Yes Bank Limited
Yes Bank Ltd (NS:) is a midcap private lender with a market capitalization of INR 43,723 crores. The session was not good for many banks, although private banks outperformed their public counterparts. The share price of Yes Bank surged by a massive 10.99% to INR 19.7 which is the highest weekly closing since July 2020 and completed a beautiful rounding bottom reversal pattern on the weekly chart.
Image Description: Weekly chart of Yes Bank with volume bars at the bottom
Image Source: Investing.com
The catalyst for the bolstering rally was the RBI’s nod to give a go-ahead for capital raising. Friday’s volume also spiked to 1.31 billion shares which is an 856% surge over the 10-day average of 137 million shares. Looking at the weekly chart, it seems like the worst is over for Yes Bank, and now it might show a rate of INR 31.5 to INR 32 on the screen, but obviously, not immediately.
Lloyds (LON:) Steels Industries Limited
The second stock that defied gravity today was Lloyds Steels Industries Ltd (NS:) which is a penny stock, having a market capitalization of INR 1,290 crores. Today, there had been an unexpected price and volume spurt seen, with the price rallying 11.11% to INR 14.5 which is the highest closing since September 2022. The stock sliced through the trendline resistance as well as the previous peak, both indicating a high probability of the continuation of the rally.
Image Description: Daily chart of Lloyds Steels Industries with volume bars at the bottom
Image Source: Investing.com
The volume figure jumped to 18.98 million shares on the NSE, which is over a 1,000% increase over the 10-day average of 1.71 million shares. There is a clear resistance seen around INR 18, which has worked quite well in the recent past and hence should be watched carefully by long holders. But there seems to be no hurdle between this resistance and the CMP.
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The last day of the week didn’t end well for the bulls. There was a decent profit booking seen across all the sectors with the index closing 0.61% down at 18,496.6 which totaled to around 1.08% correction for the week.
Despite bears having an upper hand today, some high volatile small caps went against the grain and cheered investors with a breakout on the charts. Here’s a list of 2 such stocks.
Yes Bank Limited
Yes Bank Ltd (NS:) is a midcap private lender with a market capitalization of INR 43,723 crores. The session was not good for many banks, although private banks outperformed their public counterparts. The share price of Yes Bank surged by a massive 10.99% to INR 19.7 which is the highest weekly closing since July 2020 and completed a beautiful rounding bottom reversal pattern on the weekly chart.
Image Description: Weekly chart of Yes Bank with volume bars at the bottom
Image Source: Investing.com
The catalyst for the bolstering rally was the RBI’s nod to give a go-ahead for capital raising. Friday’s volume also spiked to 1.31 billion shares which is an 856% surge over the 10-day average of 137 million shares. Looking at the weekly chart, it seems like the worst is over for Yes Bank, and now it might show a rate of INR 31.5 to INR 32 on the screen, but obviously, not immediately.
Lloyds (LON:) Steels Industries Limited
The second stock that defied gravity today was Lloyds Steels Industries Ltd (NS:) which is a penny stock, having a market capitalization of INR 1,290 crores. Today, there had been an unexpected price and volume spurt seen, with the price rallying 11.11% to INR 14.5 which is the highest closing since September 2022. The stock sliced through the trendline resistance as well as the previous peak, both indicating a high probability of the continuation of the rally.
Image Description: Daily chart of Lloyds Steels Industries with volume bars at the bottom
Image Source: Investing.com
The volume figure jumped to 18.98 million shares on the NSE, which is over a 1,000% increase over the 10-day average of 1.71 million shares. There is a clear resistance seen around INR 18, which has worked quite well in the recent past and hence should be watched carefully by long holders. But there seems to be no hurdle between this resistance and the CMP.
