Tuesday’s session remained a good one with the broader markets opening and closing in the green zone. The Nifty 50 index inched up 0.62% to 18,716.15, and as it is trading above 18,700 which had the highest OI on the call side (on the weekend), we might see a new high of 2023 this week on account of short covering.
As the market environment looks positive, here are 3 breakout shares of today’s session that remained on investors’ radar.
Apcotex Industries Limited
Apcotex Industries Ltd (NS:APCI) is a small-cap specialty company with a market capitalization of INR 2,764 crores. The stock jumped 5.01% to INR 558.2 in today’s session and surged past its previous swing high of INR 553.4, marked on 24 April 2023.
Image Description: Daily chart of Apcotex Industries with volume bars at the bottom
Image Source: Investing.com
This move has further continued the higher high and higher low formation (HH & HL) of the price which paints a strong bullish picture. It doesn’t seem a challenging task for the stock to scale to a high of INR 610 in the near future.
Fino Payments Bank Limited
Fino Payments Bank Ltd (BO:FINY) is a financial institution with a market capitalization of INR 1,776 crores. The stock has gradually been inching up since mid-May 2023, but today, it changed its gear and rallied 6.57% to INR 231.85, closing above the resistance of INR 220.
Image Description: Daily chart of Fino Payments Bank with volume bars at the bottom
Image Source: Investing.com
The volume on today’s move has also increased by over 1,600%, from the 10-day average of 62.6K shares to 1.09 million shares. Although the stop loss levels are far, risky traders can try to capitalize on the impending rally to INR 260.
Khadim India Limited
Khadim India Ltd (NS:KHAD) is a well-known footwear company in India, having a market capitalization of a mere INR 404 crores. The stock had been consolidating in a narrow range since 24 April 2023, depicting volatility contraction.
Image Description: Daily chart of Khadim India with volume bars at the bottom
Image Source: Investing.com
This contraction took the shape of a symmetrical triangle chart pattern, the breakout of which was seen today as the stock jumped 6.95% to INR 240.15. The volume also expanded to 455K shares, which is around 1,770% higher than the 10-day average volume of 24.3K shares. By maintaining a stop loss of INR 220, traders can eye for INR 280.
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