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Watchlist: 3 Breakout Shares that had a Fantastic Friday!

Published 14-10-2022, 05:52 pm
GNFC
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SHEM
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TVEL
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As the benchmark sectoral indices were trading in deep green at one point of time in the day, many stocks witnessed investors’ demand as their risk appetite jumped amid a stellar recovery in the US markets post their CPI data.

Here I have listed below three stocks that ended Friday on an awesome note, delivering a massive breakout on the daily chart. These stocks should remain on investors’ watchlist for upcoming sessions to spot good long opportunities.

Gujarat Narmada Valley Fertilizers & Chemicals Limited

Gujarat Narmada Valley Fert.Co.Ltd (NS:GNFC) or simply GNFC manufactures and sells various fertilizers, such as urea, ammonium nitro phosphate under the brand NARMADA. The company has a market capitalization of INR 10,303 crores and trades at a P/E ratio of a mere 6.02, compared to the sector’s average of 13.22.

Daily chart of GNFC with volume bars at the bottom

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

Image Source: Investing.com

Today, the share price of GNFC rose 5.29% to INR 698.05 and started a new series of higher highs and higher lows formation, which is a classic representation of an uptrend. The stock breached its previous swing high of INR 674.25 with a volume surge of 7.45 million shares, the highest in 5 months.

Shemaroo Entertainment Limited 

Shemaroo Entertainment Ltd (NS:SHEM) is the next company that is engaged in the entertainment business through the distribution of content for satellite channels, physical formats and digital technologies, such as mobile, Internet, broadband etc. The company has a market capitalization of INR 426 crores and is a high-beta counter.

Monthly chart of Shemaroo Entertainment with volume bars at the bottom

Image Description: Monthly chart of Shemaroo Entertainment with volume bars at the bottom

Image Source: Investing.com

Today, Shemaroo shares soared 16.48% to INR 182.7, touching a high of INR 188, which is the highest level since October 2019. Clearly, there is a Multi-year breakout on the charts backed by a volume of over 1.43 million shares, the highest since May last year.

TVS Electronics Limited

TVS Electronics Ltd (NS:TVEL) is the last stock on the list which is a INR 454 crores small-cap technology hardware company engaged in the manufacturing of computer printers, trading of computer printers/keyboards and telecommunication parts, distribution of mobile phones, etc.

Daily chart of TVS Electronics with volume bars at the bottom

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

Image Source: Investing.com

The share price of TVS Electronics had been falling consistently since the beginning of September 2022, inside a downward-sloping channel. Today, the stock surged 18.96% to INR 289.85 and broke above the resistance of this downward channel, depicting a complete trend change. The volume for the day was recorded at around 126.26K shares, the highest since March 2022.

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