Swing Trading Stocks: Price & Volume Breakout Stocks to Watch on 03 April 2024

The NSE benchmark Nifty 50 index started the day with little change on Tuesday. Initially, it attempted to breach the 22,500 mark but peaked at 22,497.60 before sliding to an intraday low of 22,388.15. However, in the final phase of trading, the Nifty staged a remarkable recovery, gaining nearly 65 points from its daily low to finish almost unchanged, resulting in the formation of an indecisive candle on the daily chart.

Most sectors closed in positive territory, with Nifty Media (+1.85%), Nifty Metal (+1.5%), and Nifty Auto (+1.07%) leading the gains, while Nifty IT ended the day down by 0.71%. The market breadth remained robust throughout the session, driven by strong buying interest in broader markets, with Nifty Mid-cap and small-cap indices ending higher by 1.16% and 1.22%, respectively.

Here are the top 3 stocks with the highest single-day volume in the last 30 trading sessions, accompanied by strong closings, indicating potential opportunities for swing trading:

1. Bikaji Foods International:

The stock price of Bikaji Foods International surged by 6% on Tuesday, closing near its daily high. Notably, the total trade volume for the day stood at 11.89 lakh shares, almost four times higher than its 10-day average volume. From a technical standpoint, the stock has broken out of a double bottom neckline with robust volume, making it a candidate for swing traders to monitor closely.

2.Redington

Redington stock hit a fresh 52-week high on the NSE. Currently trading near its yearly peak, the stock is above its crucial moving averages (20, 50, and 200-DMA), all of which are trending upwards. Tuesday saw the highest single-day volume for the stock, with trading activity surging more than fivefold compared to its 30-day average volume, making it a stock to keep on the watchlist.

3. Varroc Engineering

The Stock Varroc Engineering witnessed a remarkable jump of over 10% in its price on Tuesday, accompanied by robust volume. It marked its highest single-day volume of CY2024. The buying momentum persisted throughout the day, with the stock forming a higher high sequence on the hourly time frame. Moreover, on the daily timeframe, the total traded volume saw a sixfold increase compared to its 10-day average volume.

In conclusion, amidst a day of mixed market movements, these stocks present compelling opportunities for swing trading, backed by strong volumes and positive price action. Traders may consider closely monitoring these stocks for potential entry and exit points in their trading strategies.

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.