These three equities’ volume gained significantly during Thursday’s trading sessions, indicating potential bullish action.
Here’s an in-depth look.
The stock of IRB Infrastructure Developers 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 a support level of (Rs 49.95). The Relative Strength Index (RSI) currently stands at 49.59, suggesting the stock has low strength in price. However, with a 9.18% increase from the previous close, the stock might encounter resistance near Rs 65, the stock price has been closing in red for the last 3 days and today spiked up, indicating the possibility of a consolidation in the next sessions can’t be ignored.
Lloyds Engineering Works experienced a notable price and volume jump, signifying increased trading activity. The stock seems to have found support around Rs 40.95, bouncing from this level. With the RSI at 44.84, the stock appears to be neutral, but the RSI is trading lower. Despite an 8.06% increase from the previous close, it might take a slower pace to approach its prior lower high of Rs 60, while the chart indicates that the price is still trading below the 50-day EMA seems concerning.
Lastly, Jayaswal NECO Industries took support at the previous breakout level, yet it displayed a sharp pullback, suggesting potential bullish momentum. The stock witnessed price volume activity accompanied by volume more than average, indicating strong buying interest. The RSI is at 51.97, reflecting a neutral sentiment. The stock respected its support level, and the chances are high that it may breakout from the above resistance of Rs53.90. 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.
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