2 Breakout Shares that Turned Heads on Monday!

  • Stock Market Analysis
  • Editors Pick
Aayush Khanna/Investing.com - Investing.com

The Indian markets opened the week with a gap up, with the Nifty 50 index registering a gain of 0.32% to 18593.85 and most sectors closing in the green zone. Some stocks made a splash on the first day of the week and made investors cock-a-hoop. Here’s a list of 2 such counters to put on the watchlist.

Fine Organic Industries Limited

Fine Organic Industries Ltd (NS: FINO ) is a small-cap specialty chemicals company with a market capitalization of INR 13,793 crores. The stock performed brilliantly in today’s session as it gained 6.02% to INR 4,769.65 and surged past the resistance of an ascending triangle chart pattern on the daily time frame. This breakout was also accompanied by a heavy volume of 211.4K shares which is over 300% higher than the 10-day average volume of 52.3K shares.

Daily chart of Fine Organics Industries with volume bars at the bottom

Image Description: Daily chart of Fine Organic Industries with volume bars at the bottom

Image Source: Investing.com

This breakout might help the stock to rally further to a level of around INR 5,100 - INR 5,200 in the immediate future. To manage the risk, the lower trendline can be deemed as the support below which the stock will turn weak.

JCT Limited

JCT Ltd (BO: JCTL ) is a very small textile company with a market capitalization of INR 180 crores. As it is a penny stock, low-risk-appetite traders should steer clear from such counters. The stock jumped to hit a 5% upper circuit at INR 2.18 on the BSE and broke above its short-term falling trendline resistance on the daily time frame.

Daily chart of JCT Ltd with volume bars at the bottom

Image Description: Daily chart of JCT Ltd with volume bars at the bottom

Image Source: Investing.com

This breakout was backed by a high volume of 1.3 million shares. Although it is not a very high volume, still better than a subdued figure. On the upside, the stock holds the potential to surge to the next resistance of INR 2.4, giving long traders a quick upside potential of around 10%. To manage the risk, the level of INR 2 can be looked upon to place a stop loss (on a closing basis).

Read More: Portfolio: 3 BIGGEST Pharma Cos. to Keep a Tab on!

Add Chart to Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search

Related Articles