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While today’s session remained a negative one some stocks were specifically on investors’ radar and didn’t fail to impress the street with their stellar rally. It is getting difficult to find sustainable rallies in this market environment but some stocks are gaining traction and with relatively smaller targets, traders can sail through these tough times. In that vein, here are 2 stocks that ended Tuesday with a good rally.
Yes Bank Limited
Yes Bank Ltd (NS:) is a large-cap private sector lender with a market capitalization of INR 47,157 crores and currently trades at a P/E ratio of 44.32. After trading sideways for the last few sessions, the stock finally broke above the range, gaining 6.4% to INR 17.45 on the back of a volume of 207.6 million shares on the NSE.
Image Description: Daily chart of Yes Bank with volume bars at the bottom
Image Source: Investing.com
Although the volume figure is not very high, but the price action is depicting a good up move from here till the next resistance level of INR 19.6. The stock also surged past a short-term falling trendline resistance which has further enhanced the bullish tone. As mentioned above, keeping short targets for long trades is the way to go about when the broader indices are facing severe selling pressure. Traders should also be cautious about the ending of the 3-year lock-in period for investors in March 2023 which could put a drag on the share price.
Godfrey Phillips India Limited
Godfrey Phillips India Ltd. (NS:) is a small-cap manufacturer of cigarettes, confectionary and other retail products, with a market capitalization of INR 8,835 crores and trades at a P/E ratio of 20.17 and a dividend yield of 1.65%. Today, the stock rallied 4.48% to INR 1,775.5, giving the highest closing since mid-February 2023.
Image Description: Daily chart of Godfrey Phillips India with volume bars at the bottom
Image Source: Investing.com
After plunging from January 2023 high of INR 2,149, the stock is now finally curbing its downtrend and reversing to the upside. It did not just break above a falling trendline a few sessions ago but today closed above a 21-day Simple Moving Average on the daily chart, for the first time in over a month. A rally to INR 1,900 seems achievable in the near future.
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