The markets are trading in the red zone at the opening tick on Thursday, which could be due to excessive speculations on account of the weekly expiry day. However, some stocks are moving up unscathed and one such counter is Container Corporation of India Ltd (NS:CCRI), or simple CONCOR.
The company is engaged in the handling and transportation of containers, having a market capitalization of INR 41,791 crores, and trades at a P/E ratio of 35.6. Earlier, the NSE decided to exclude this counter from the F&O space but in its yesterday media release, it stated to have scrapped this plan.
Image Description: Daily chart of CONCOR with volume bars at the bottom
Image Source: Investing.com
Although this does not technically affect the demand and supply of a counter, the stock is still outperforming the broader markets. It jumped 1.5% to INR 695.5, by 9:52 AM IST and surged past a horizontal resistance of INR 692, which is from where the stock was turning consistently from the last few sessions.
After clearing this hurdle, the stock now marked a new high after 24 January 2023 which is what makes this counter quite bullish. As it's not even been an hour into today’s trading session, looking at volume figures might not show the true picture. Still, a total of 803K shares have exchanged hands on the NSE so far, which has almost reached the 10-day average volume of 840K shares.
On the daily chart, there are no resistance levels till INR 725 and therefore this could be a good starting point to look at the probable target levels of this rally. To manage the risk, a stop loss can be placed near the rising trendline support of INR 670 and this trendline can also be extended as days pass by to trail the exit level on the lower side.
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