After starting on a positive note, the Nifty 50 closed the session flat, with a minor 0.01% uptick to 19,396.45, while the Nifty Bank ended slightly down. However, there was no dearth of stock-specific action. Here are 2 stocks that ended the session with a blistering rally.
Liberty Shoes Limited
Liberty Shoes Ltd (NS:LIBS) is a famous footwear company with a market capitalization of INR 405 crore, trading at a relatively lower valuation, with a TTM P/E ratio of 35.57, compared to 134.5 of Relaxo Footwear. The stock was on the radar of investors in today’s session as it jumped 8.55% to INR 258.25, which is the highest closing since 23 April 2023.
Image Description: Daily chart of Liberty Shoes with volume bars at the bottom
Image Source: Investing.com
The stock is now rising after a long phase of sideways movement. This period led to volatility contraction for a prolonged time which is now finally reverting to mean, i.e. increased volatility. Due to increased momentum, the stock can easily touch the level of INR 300 in the coming days, while maintaining a stop loss below INR 230 can help long position holders curb their risk.
India Glycols Limited
India Glycols Ltd (NS:IGLY) is engaged in the manufacturing of specialty chemicals, industrial gasses, spirits, etc., having a market capitalization of INR 2,173 crore. The stock has already started rising from the bottom levels and is up 7.69% to INR 755.8 and surged past its swing high of INR 748, marked on 14 August 2023.
Image Description: Daily chart of India Glycols with volume bars at the bottom
Image Source: Investing.com
This massive move also attracted a heavy volume of 1.17 million shares which is 197% higher than the 10-day average of 393K shares. A stop loss can be maintained below the immediate low of INR 700 and traders can eye for the level of INR 800 in the near future. The stock is also trading above the short-term 9-day moving average which denotes an uptrend.