Stock below Rs 100: This small cap stock surged more than 16 per cent on Monday; do you own it?
Currently, it is trading at Rs 79.60 level on NSE and closing around these levels will form strong bullish bar on daily charts.
On Monday, Nifty opened on a flat note and hit the day’s high of 17,530 level but severe profit booking pulled Nifty below 17,300 level.
Despite this volatile session, one small cap stock from Hotels and Restaurants industry has rallied more than 16 per cent, backed by massive volumes during the initial hours of the day.
The stock is Asian Hotels (N) (NSE Scrip Code: ASIANHOTNR), which is a 159-crore market cap company that operates in Hospitality/Hotel Operations in the Northern region of India.
Technically, the stock is in consolidation from June 2021 in the range of Rs.105 to Rs.68 by making lower highs and equal lows. In the last 3 trading sessions, stock bounced from its previous swing low, after giving positive crossover of 5-13-26 DMA on daily timeframe. The stock gained momentum and recorded good volumes and rallied around 20 per cent. Currently, it is trading at Rs 79.60 level on NSE and closing around these levels will form strong bullish bar on daily charts.
As per the technical analysis, follow-up buying can be expected in upcoming sessions. Small cap traders should add this stock to their watchlist to track it closely.