Stock below Rs 20: Binani Industries jumps 26 per cent in 5 sessions hits back-to-back upper circuit limit!

As per the BSE exchange data, the stock marked a fresh 52-week high on Wednesday as it was locked at upper circuit limit of the day.

After declining continuously in the past eight sessions, the Nifty halted its weakness and rebounded on Wednesday, closing the day with decent gains of around 0.85 per cent. The market opened on a positive note and continued with upside momentum throughout the day, with no sizable intraday dips.  

A long bull candle appeared on the daily chart, indicating a short-term upside reversal in the market. Therefore, Tuesday's low of 17255 could now be considered a short-term bottom reversal for the market. However, the medium-term downtrend in Nifty remains intact and the present upside bounce could be considered a pullback rally of a bearish trend.  

Regarding stock-specific action, Binani Industries has surprised market participants by jumping an astonishing 26 per cent in just five trading sessions.  

The trading of Binani Industries' stock resumed on February 23, 2023, with an opening level of Rs. 10.90. Since then, the stock has hit back-to-back upper circuits and settled at Rs. 13.90 on Wednesday.  

As per the BSE exchange data, the stock marked a fresh 52-week high on Wednesday as it was locked at upper circuit limit of the day.