These stocks witness a huge volume burst in the last leg of the trading session!
OIL India Ltd, Maithan Alloys Ltd and Varroc engineering witnessed a volume burst in the last 75 minutes of the trade.
As the saying goes, the first, as well as the last hour of each trading session, is the most important and active in terms of price & volume.
More so, the activity in the last hour is said to be of utmost importance because most of the pro-traders and institutions are active at this time. Hence, when a stock sees a good spike in volume in the last leg of the trade along with price rise, it is considered a pro, and institutions have a keen interest in the stock. Market participants should keep a close watch on these stocks as they can witness good momentum in the short to medium-term.
So, based on this principle, we have shortlisted three stocks that have witnessed volume burst in the last leg of the trade along with price rise.
Oil India Ltd: After the selling in the first trading hour of the day, the stock surged 3.87% on Wednesday. Interestingly, volume stood above average and greater than the 30-day average volume. Nearly 2.82 million shares were traded today, which was among the highest in the last 5 days. The stock was engulfed from the support of prior swing lows and is expected to remain positive in the upcoming days.
Maithan Alloys Ltd: The stock traded positively throughout the day and gained 3.51%. In the afternoon session, it recorded good volumes. About 70% of the total daily volume was recorded during this period. The stock has bounced from the recent low in a single day only. With the scrip now trading below the previous resistance line, any move above it can attract more investors. Given such positivity, it is expected to be on traders’ radar for times to come.
Varroc Engineering: The stock soared about 6.36% during the day. Strong buying emerged from the morning session where over 50% of volume was recorded in the second half of the day. It formed a strong bullish bar and closed above the previous swing high with massive volumes of 1.63 million which is one of the largest in the last 6 months. This close above previous swing high with above-average volumes makes it a breakout candidate and thus it is likely to be in focus for upcoming days.
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