The start of the day was quite bad as the broader market index Nifty 50 opened with a gap down, taking cues from the global markets, and ended the session 0.62% lower at 19,265.8. Surprisingly, every single sectoral index closed in the red zone as market-wide selling took place on Friday.
Still, for long-only inventors, here are a few stocks that could deliver decent gains in the coming days, owing to their strong relative strength.
Jaiprakash Associates Limited
Jaiprakash Associates Ltd (NS:JAIA) is an infrastructure company with a market capitalization of INR 1,975 crore. It is a penny stock therefore the volatility in this counter is quite high. The stock jumped 13.6% to INR 9.15 today, as investors hurried to latch on the the company’s shares. The volume for the day was recorded at a staggering 120.2 million shares, the highest in 2023 so far.
Image Description: Daily chart of Jaiprakash Associates with volume bars at the bottom
Image Source: Investing.com
The stock was moving sideways with a slight downward tilt in the recent past and with today’s sharp surge, it has delivered a breakout. This volatility expansion coupled with the price and volume breakout is gearing the counter up for a good rally. The stock can touch the next resistance of INR 9.8 in quite a short while.
KPI Green Energy Limited
KPI Green Energy Ltd (BO:KPIG) is a lesser-known solar power generation company with a market capitalization of INR 3,131 crore. The stock is already in a bull run and today it jumped 6.53% to INR 923.05 which is an all-time high closing. Generally, any all-time high stock is never a bearish candidate and this one just got a fresh boost today.
Image Description: Daily chart of KPI Green Energy with volume bars at the bottom
Image Source: Investing.com
The stock was struggling to soar past INR 890 since last month but today’s volume of 887K shares helped it to rally past this hurdle. It can soon go into triple digits in the next few weeks as there are no overhead supply zones left to stop the rally.
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