Top 3 stocks trading below Rs 100

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

Here’s an in-depth look.

NHPC Ltd 

The stock of NHPC 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 54.05, suggesting the stock has low strength in price. However, with a 3.68% increase from the previous close, the stock might encounter resistance near Rs 42, the stock price has been closing in green for the last 3 days and today spiked up, indicating the possibility of a consolidation in the next sessions can’t be ignored.

Suzlon Energy Ltd

Suzlon Energy experienced a notable price and volume jump, signifying increased trading activity. The stock seems to have found support around Rs 35, bouncing from this level. With the RSI at 43.22, the stock appears to be neutral, but the RSI is trading lower. Despite a 3.77% increase from the previous close, it might take a slower pace to approach its prior lower high of Rs 43, while the chart indicates that the price is still trading above the 200-day EMA gives confidence.

JM Financial Ltd

Lastly, JM Financial took support at the support line, 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 40.84 reflecting a neutral sentiment. The stock respected its support, and the chances are high that it may cross the 200-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.