Penny Stock Highest Ever Volume Recorded; Nears Multi-Year Breakout: A Must-Watch
The stock's 30-day average volume is around 12 lakh shares, making Friday's volume a significant increase, about 13 times the average.
The NSE benchmark Nifty50 index experienced its sharpest single-day fall on Friday since June 4, coinciding with the general election outcome. The Nifty50 fell by 0.95 per cent, dropping below the 24,600 mark. The sell-off was more severe in the broader markets, with the Nifty Midcap 100 and Small-Cap 100 down by 2.01 per cent and 1.85 per cent, respectively.
Amidst this chaos, a penny stock has captured the attention of market participants: North Eastern Carrying Corporation (NECCL). Shares of NECCL surged by nearly 18 per cent on Friday, closing at Rs 37.20. The stock opened the session at Rs 31.70, reached an intraday low of Rs 29.60, but rebounded to hit an intraday high of Rs 37.40. Notably, this rise occurred alongside the highest single-day volume ever recorded for the stock. On Friday, NECCL recorded a volume of 1.55 crore shares, marking the highest single-day volume on the NSE since 2016. The stock's 30-day average volume is around 12 lakh shares, making Friday's volume a significant increase, about 13 times the average.
NECCL specializes in PTL/FTL/ODC/BULK movement of goods across India and to Nepal, Bhutan, and Bangladesh, in addition to providing warehousing services and customs clearance.
Technically, the stock is approaching a multi-month breakout level, trading near levels last seen in December of the previous year. Furthermore, on a higher time frame, the stock is nearing a multi-year breakout. The daily MACD is trending northward, sustaining above its nine-period average, indicating a positive bias. The daily 14-period RSI is also in an uptrend.
Keep this penny stock on your radar.
Disclaimer: The article is for informational purposes only and not investment advice.