This Textile Sector Penny Stock is gaining with surge in volume

JCT is currently trading at ~Rs 4 per share and is precariously close to its multi year resistance levels.

The textile sector is in recovery mode and with a secular recovery in the sector along with the support from the GOI the stocks related to the textile sector are seen trading with huge gains on bourses. There is a definite bullish undertone to the textile sector stocks seen in past 2  to 3 months. 

Several penny stocks within the textile sector are witnessing a gain in price momentum aided by a huge partcipation from the investors. While the participation is increasing on the retail side there is heavy seeling seen by atleast two FPI accounts that are mauritius based. 

JCT is one such penny textile stocks that is gaining with a huge jump in volumes. JCT is currently trading at ~Rs 4 per share and is precariously close to its multi year resistance levels. In technical analysis parlance if a multiyear resistance is broken it gives a bullish indication about the stock price. However the resistance muct be broken with heavy volumes and the stock price must trade comfortably above the resistance levels. JCT is up by more than 83%  in one month alone while in 2021 alone the share price of JCT has gained by 320%. 

In recent quarters the financial performance has improved for JCT and hence investors are taking a fresh look at the counter. As of now the stock seems to be rising on the positive momentum seen in the textile sector. 

JCT is engaged in the Business of manufacturer of cloth and nylon filament yarn, with its manufacturing facilities at Phagwara and Hoshiarpur in Punjab.