2 Stocks that Started the Week with ‘Blistering Rally’!

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

While today was a clear-cut day for initiating new or holding on to the existing long positions, some stocks have rallied like crazy. Although it is not recommended to go long in the middle of a rally, waiting for a dip and finding an appropriate level is ideally the right move. In that vein, here are 2 stocks that have gone bonkers on the first day of the week.

Ceat Limited 

CEAT Ltd (NS: CEAT ) is one of the most renowned tyre manufacturers in the country, having a market capitalization of INR 7,278 crores. The company owns brands such as Gripp, Secura, Zoom, Milaze, etc, and trades at a P/E ratio of 102.23 which is definitely on the higher side, especially compared to peers such as JK Tyre & Industries (NS: JKIN ) which is trading at a P/E of 20.28.

Daily chart of Ceat with volume bars at the bottom

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

Image Source: Investing.com

The stock rallied 6.62% to INR 1,918.5 in today’s session on the back of a draft notification by the government for its policy of vehicle scrapping that are 15 years old. This is expected to generate a good replacement demand in the auto industry and therefore share price of tyre manufacturers surged today. Yesterday’s 4% rally which delivered a range breakout above INR 1,780 hinted at an impending move and today’s follow-up rally has only strengthened the up trend. On the upside, the stock still has the potential to surge to around INR 2,110.

Delta Corp Limited

Delta Corp Ltd (NS: DELT ) is a casino operator with a market capitalization of INR 5,903 crores. For the last few sessions, the stock had been moving in a range as demand for and the supply of the stock were almost matching with no excess pressure from either side. The resistance of around INR 230 is quite a strong one which kept the stock from rising since the consolidation phase.

Daily chart of Delta Corp with volume bars at the bottom

Image Description: Daily chart of Delta Corp with volume bars at the bottom

Image Source: Investing.com

Today, for the first time, the stock cleared this resistance after multiple failed attempts in the past and more importantly managed to close above it, rising 5.14% to INR 232.1. The volume backing today’s move was around 13.6 million shares, the highest one-day volume since mid-September 2022. The whole price action has led to an ascending triangle breakout on the daily chart. A rally to around INR 250 could be materialized in the immediate future.  

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  • Dileep S @Dileep S
    hi Sir your analysis is very good and needful also. pls add some dollar trade about knowledge how it's work to our trade
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  • Rohan Mukherjee @Rohan Mukherjee
    Your posts are awesome
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    • Aayush Khanna/Investing.com @Aayush Khanna/Investing.com
      My readers are also awesome :)
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      • Comment Guidelines

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  • namami ghosh @namami ghosh
    the spate of as usuals continues...
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    • Aayush Khanna/Investing.com @Aayush Khanna/Investing.com
      Thanks :)
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  • Tushar Dharji @Tushar Dharji
    aisi kab utregi currency dollar mein
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    • Aayush Khanna/Investing.com @Aayush Khanna/Investing.com
      I didn't get you
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