Crest Ventures Stocks Record a Breakout With 30% Rally

In such a strong recovery, Nifty financial services also rebounded strongly from the day’s low, with one stock from the same sector outperforming its peers in the last trading session by rallying more than 30% in just two trading sessions.

The stock in focus is Crest Ventures Ltd, a holding company engaged in real estate and non-banking financial activities. It operates through the following segments: Real Estate, Financial Services, and Investment and Credit. The company was founded on October 16, 1982, and is headquartered in Mumbai, India.

Technically, on the daily chart, after a massive rise of nearly 200% from the lows of April 2021, the stock is currently consolidating within a broad range of Rs 220 on the higher side and Rs 142.3 on the lower side since April 8, 2022. Interestingly, the lower side of the consolidation range aligns perfectly with the retracement support level of 50% from the last multibagger rally on the daily chart. By drawing a line from the high of April 8, 2022 (Rs 220) to the mid-week of December 21, 2023 (Rs 214.9), we can identify the breakout trendline of the continuation price pattern known as the “Bullish Up-Flag.” 

Notably, the stock has broken out of this pattern by closing above the trendline, and in the last trading session, it rallied higher with strong volumes surpassing the last 200 days’ average volumes. The minimum possible targets of this pattern are around Rs 275, representing a more than 30% increase from the breakout level (Rs 210).

Considering all these factors, strong bullishness is confirmed on the chart, making it a potential buying opportunity to watch for in the next few sessions.