Breakout Stocks of Week 24 @ NSE
NASDAQ was up last week (week 23) by 2.38% ending at 17,133.13 points after gaining 398.11 points during the week. Our system has detected some possible breakout stocks for the following week and these should be on your watchlist. These are the stocks that are bouncing up with good increase in volume and are likely to do good in short term. One of these stocks are Transformers & Rectifiers (India) Limited NSE:TRIL. This stock has had a buy signal since May 24, 2024 when the price was ₹618.65 and is so far up 21.55% to ₹752.00. Some other companies are on our watchlist to, among these are Ahluwalia Contracts (India) Limited NSE:AHLUCONT Prakash Steelage Limited NSE:PRAKASHSTL West Coast Paper Mills Limited NSE:WSTCSTPAPR and Neuland Laboratories Limited NSE:NEULANDLAB which all got a breakout pattern emerging.
| Date | Company | Price | Week 24 |
|---|---|---|---|
| Transformers & Rectifiers (india) Limited | ₹752.00 | ₹795.35 | 5.76% |
| Ahluwalia Contracts (india) Limited | ₹1,170.80 | ₹1,212.95 | 3.60% |
| Prakash Steelage Limited | ₹8.30 | ₹9.11 | 9.76% |
| West Coast Paper Mills Limited | ₹593.90 | ₹677.75 | 14.12% |
| Neuland Laboratories Limited | ₹6,290.80 | ₹6,488.85 | 3.15% |
The Transformers & Rectifiers (India) Ltd stock price gained 4.91% on the last trading day (Friday, 7th Jun 2024), rising from ₹716.80 to ₹752.00. During the last trading day the stock fluctuated 7.51% from a day low at ₹700.00 to a day high of ₹752.60. The price has risen in 7 of the last 10 days and is up by 21.55% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 62 thousand more shares were traded than the day before. In total, 326 thousand shares were bought and sold for approximately ₹245.13 million.
Transformers & Rectifiers (India) Ltd holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
About Transformers & Rectifiers (India) Limited:
Transformers and Rectifiers (India) Limited, together with its subsidiaries, manufactures and sells transformers in India. The company provides power transformers, such as generator transformers, unit and station auxiliary transformers, interconnecting transformers, small and medium power transformers, and trackside transformers for railways; and rectifier transformers, including 6 and 12/24 pulse transformers with IPT, as well as transformers for bridge construction. It also offers distribution transformers, including energy efficient transformers, transformers with packaged substations, copper and aluminium wounds, hermitically sealed type transformers, and transformers with corrugated cooling fins. In addition, the company provides furnace transformers consisting of arc furnace and submerged arc furnace transformers, ladle refining furnace transformers, induction furnace transformers, and DC arc furnace transformers; specialty transformers, including testing and earthing transformers and transformers having multiple secondaries; and shunt and series reactors. It also engages in the exporting activities. The company was formerly known as Triveni Electric Company Limited and changed its name to Transformers and Rectifiers (India) Limited in March 1995. Transformers and Rectifiers (India) Limited was founded in 1981 and is headquartered in Ahmedabad, India.
The Ahluwalia Contracts (India) Limited stock price gained 0.792% on the last trading day (Friday, 7th Jun 2024), rising from ₹1,161.60 to ₹1,170.80. During the last trading day the stock fluctuated 3.90% from a day low at ₹1,160.00 to a day high of ₹1,205.20. The price has risen in 6 of the last 10 days but is still down by -8.38% for this period. Volume fell on the last day by -38 thousand shares and in total, 79 thousand shares were bought and sold for approximately ₹92.04 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Ahluwalia Contracts (India) Limited stock to perform well in the short-term.
About Ahluwalia Contracts (India) Limited:
Ahluwalia Contracts (India) Limited, together with its subsidiaries, operates as a construction company in India. The company operates through Construction Contract, Lease Rental, and Others segments. Its project portfolio includes residential and commercial properties, institutional properties, corporate offices, power plants, hospitals, hotels, IT parks, metro stations and depots, automated car parking lots, and other properties caters to government and private clients. The company also leases a commercial complex; and trades in real estate properties. Ahluwalia Contracts (India) Limited was founded in 1965 and is based in New Delhi, India.
The Prakash Steelage Limited stock price gained 1.84% on the last trading day (Friday, 7th Jun 2024), rising from ₹8.15 to ₹8.30. During the last trading day the stock fluctuated 3.11% from a day low at ₹8.05 to a day high of ₹8.30. The price has fallen in 9 of the last 10 days and is down by -12.63% for this period. Volume fell on the last day by -22 thousand shares and in total, 243 thousand shares were bought and sold for approximately ₹2.02 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
About Prakash Steelage Limited:
Prakash Steelage Limited manufactures, trades, and sells stainless steel welded pipes, tubes, and U-tubes in India. It serves chemical and fertilizer, pharmaceutical, railway coaches, refrigeration, desalination, decorative, dairy, breweries, pipelines, furniture, pulp and paper, food, petrochemical and refinery, oil and gas, sugar, automobile, power, synthetic fiber, pesticide, and ornamental industries. The company also exports its products to customers in North America, South East Asia, Africa, the Middle East, and Europe. Prakash Steelage Limited was incorporated in 1991 and is based in Mumbai, India.
The West Coast Paper Mills Limited stock price gained 3.57% on the last trading day (Friday, 7th Jun 2024), rising from ₹573.45 to ₹593.90. During the last trading day the stock fluctuated 6.70% from a day low at ₹575.00 to a day high of ₹613.50. The price has fallen in 8 of the last 10 days and is down by -5.99% for this period. Volume fell on the last day by -67 thousand shares and in total, 479 thousand shares were bought and sold for approximately ₹284.55 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for West Coast Paper Mills Limited stock to perform well in the short-term period.
About West Coast Paper Mills Limited:
West Coast Paper Mills Limited produces and sells pulp, paper, and paper boards in India. It operates through two segments, Paper/Paperboard and Telecommunication Cables. The company provides printing and writing paper, machine-glazed paper and boards, security and hi-value grades paper, cup stock and coated duplex boards, and business stationery products, as well as premium printing paper under the WESCO brand. It is also involved in the production and sale of optical fiber cables; and generation of wind power with a capacity of 1.75 MW located in Tamilnadu, India. The company exports its paper products to the Asia Pacific, the Middle East, the Mediterranean, and the African subcontinents. West Coast Paper Mills Limited was incorporated in 1955 and is based in Kolkata, India.
The Neuland Laboratories Limited stock price gained 2.12% on the last trading day (Friday, 7th Jun 2024), rising from ₹6,160.35 to ₹6,290.80. During the last trading day the stock fluctuated 3.55% from a day low at ₹6,176.60 to a day high of ₹6,396.00. The price has fallen in 6 of the last 10 days and is down by -0.67% for this period. Volume fell on the last day by -15 thousand shares and in total, 20 thousand shares were bought and sold for approximately ₹124.09 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Neuland Laboratories Limited stock to perform well in the short-term.
About Neuland Laboratories Limited:
Neuland Laboratories Limited manufactures and sells active pharmaceutical ingredients (APIs) in India, Europe, the United States, and internationally. The company's APIs are used in various therapeutic areas, including antiasthmatics, cardiovasculars, antifungal, anticonvulsants, central nervous system, fluoroquinolones, antipsychotic, antibacterial, and anti-parkinson. It also provides custom manufacturing solutions, as well as peptide synthesis services. The company was incorporated in 1984 and is headquartered in Hyderabad, India.
Despite these candidates are looking good from a technical perspective they may not perform as expected. You should always be cautious when trading and base your decisions on more than one source of information. This does not constitute an offer or recommendation to buy or sell securities.
