Top 3 stocks trading below Rs 100

These three equities’ volume gained significantly during Monday’s trading sessions, indicating potential bullish action.

Here’s an in-depth look.

Indian Overseas Bank Ltd 

The stock of Indian Overseas Bank saw a significant increase in price and volume, indicating heightened trading activity. This bounce back indicates stock price may start to rise again with higher volume on up days, further supporting the bounce back from the support level. The Relative Strength Index (RSI) currently stands at 56.79, suggesting the stock has low strength in price. However, with an 8.01% increase from the previous close, the stock might encounter resistance near Rs 70, the stock price has been closing in green last trading day and today spiked up, indicating the possibility of a consolidation in the next sessions can’t be ignored.

Bank of Maharashtra 

Bank of Maharashtra experienced a notable price and volume jump, signifying increased trading activity. The stock seems to have found support around Rs 53.90, bouncing from this level. With the RSI at 64.38, the stock appears to be bullish, trading at the perfect level to start a new uptrend. Despite a 4.49% increase from the previous close, it might take a quick thrust to approach its 52-week high as it can act as a resistance for the stock price, while the chart indicates that the price is still trading above the 50-day EMA shows the stock is still in bullish sentiments.

Hindustan Construction Co. Ltd 

Lastly, Hindustan Construction Company took support at a level of Rs 34.30, yet it displayed a consolidation, suggesting potential bullish momentum. The stock witnessed price volume activity accompanied by volume more than average, indicating strong buying interest. The RSI is at 47.69 reflecting a neutral sentiment. The stock respected its support, and the chances are high that it may cross the 20-day EMA. Waiting for a volume spike may be a good choice for traders to ride the next coming bull run in this particular stock.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.