Ganesha Ecosphere rallies over 7 per cent post a threefold jump in volume!

The stock has already recorded the highest single-day volume since May 13, 2022.   

The stock of Ganesha Ecosphere is seen buzzing on the bourses on Monday as the stock, after opening at the level of Rs 559.75, made a high of Rs 603.  

With this, it has surged over 7 per cent, and more importantly, we are still halfway through the trading session and the stock has already recorded the highest single-day volume since May 13, 2022.   

The stock’s total traded volume on Monday is about 1.14 lakh shares as compared to 0.31 lakh and 0.37 lakh to its 20 & 50-day average volume, respectively. The stock has witnessed a nearly threefold jump in the total traded volume on Monday.   

In the month of April 2022, the stock made a new 52-week high of Rs 788.40, and thereafter, it witnessed a correction of nearly 31 per cent from its 52-week high. Besides, on June 24, 2022, it formed an inside bar pattern, and follow-up buying after the formation of the inside bar bodes well for the stock. However, this upmove is expected to be short-lived as the stock has serious resistance placed at Rs 640 in the form of a downward sloping trendline formed by connecting its 52-week high and May swing high. As long as the stock trades below this level, a cautious stance is advised!   

The company is engaged in the manufacturing of recycled polyester staple fibre from polyethylene terephthalate waste and dyed yarn. The products of Ganesha Ecosphere have applications in fiberfill, spinning, geotextiles, medical & packaging, etc.