Momentum Stocks: Loyal Textiles, Ola Electric, Jay Bee Laminations Gain Up to 15%

A few stocks made notable moves in the morning of September 23, even though the wider market had no major new catalyst. 

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Among the best performers on the day were Loyal Textiles, Ola Electric and Jay Bee Laminations, having climbed by 9%-15%. In addition, the selected stocks were above some of their respective key moving averages, highlighting their bullish price performance. 

In those stocks, Loyal Textiles was the biggest gainer, rising 15.13% to close at ₹247.50. Notably, it was above the 30-day, 50-day, 150-day and 200-day simple moving averages of ₹214.98, ₹211.16, ₹213.66 and ₹212.88, respectively. 

The Loyal Textiles stock was around 16% above its 200-day moving average based on the current market price. 

For Ola Electric, it rose sharply, having increased 9.76% to close at ₹41.96. 

It was trading at the 30-day simple moving average of ₹38.23 and 50-day, 150-day and 200-day averages of ₹38.51, ₹36.02 and ₹35.84, respectively. Consequently, it was around 17% above its 200-day moving average. 

Finally, Jay Bee Laminations rose 9.39% to ₹92.95. 

It was trading above the 30-day SMA of ₹84.97, 50-day SMA of ₹87.24 and 150-day SMA of ₹89.15. However, it was slightly below the 200-day SMA of ₹93.58, meaning that only that long term moving average was above the market price. 

Weaknesses were also present in the session. 

Rapid Fleet Management Services declined 2.24% to ₹205.20. It was below the 30-day moving average of ₹209.91, although it was above the 50-day, 150-day and 200-day averages. 

Indian Card Clothing slipped 2.07% to ₹208.03 and was trading below all four key moving averages mentioned in the report. 

Premier was down 1.80% to ₹2.73. The 30-day, 50-day, 150-day and 200-day moving averages of Premier were above its price. The stock was trading nearly 6.5% below the price of its 200-day simple moving average. 

In other news, Inventurus Knowledge Solutions, Welspun Corp, Shyam Metalics, Welspun Living, RBL Bank and Redington hit new 52-week highs on the day. 

Cubex Tubings, Lalithaa Jewellery Mart and Ducon Infratechnologies were among the stocks locked in their upper circuits.