Coffee Day, Shiva Texyarn And GP Petroleums Jump On Strong Momentum Buying

Some stocks made strong gains due to momentum-based buying and positive technicals on May 28. Shiva Texyarn emerged among the top gainers, rising 11.18% to ₹184.90. The textile company continued to trade above all its major moving averages, indicating sustained upward momentum. The stock stayed above its 30-day moving average of ₹166.31, 50-day moving average of ₹155.27, 150-day moving average of ₹168.44 and 200-day moving average of ₹172.

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Coffee Day Enterprises shares climbed 10.97% to ₹28.83 during the session. The stock traded above its short-term moving averages, including the 30-day average of ₹25.98 and 50-day average of ₹25.21, suggesting near-term strength. However, it remained below its longer-duration moving averages of ₹31.66 for 150 days and ₹34.29 for 200 days.

GP Petroleums also witnessed strong buying interest and zoomed 9.66% to ₹36.57. The stock traded above all key moving averages, including the 30-day average of ₹33.35, 50-day average of ₹31.52, 150-day average of ₹34.14 and 200-day average of ₹35.89.

Weak Momentum Seen In Select Stocks

On the losing side, VLS Finance declined 5.13% to ₹224.78 and remained below all major moving averages, reflecting continued weakness in the counter. The stock traded below its 30-day moving average of ₹236.94, 50-day average of ₹231.75, 150-day average of ₹254.93 and 200-day average of ₹247.41.

Identical Brains Studios fell 4.66% to ₹19.25. The stock managed to remain slightly above its 50-day moving average of ₹18.93 but stayed below the 30-day average of ₹20.19 and longer-term moving averages of ₹24.87 and ₹28.76.

Pondy Oxides and Chemicals slipped 4.28% to ₹1,296.50. The stock traded below its 30-day moving average of ₹1,354.49, indicating near-term weakness, although it continued to remain above its 50-day, 150-day and 200-day averages.

Upper Circuits And New Highs

A few counters also hit their upper circuit limits during the session. Alkali Metals, Hitech Corporation and Venus Remedies were locked in the upper band amid strong buying demand.

Several stocks touched fresh 52-week highs despite the lack of major macroeconomic triggers. Among the notable gainers were AIA Engineering, Usha Martin, HFCL, Granules India, Hindalco Industries, CG Power and Industrial Solutions, GE Vernova T&D India, Honasa Consumer, Hitachi Energy India, Adani Green Energy, Adani Energy Solutions and Adani Ports and Special Economic Zone.

The overall mood among selected mid and small caps showed that there was investor appetite for momentum plays backed by technical considerations and sector buys.