Shares of CreditAccess Grameen Ltd, Titagarh Rail Systems Ltd, and Quess Corp Ltd experienced significant gains on Tuesday, with some rising as much as 17%, even as the broader Indian equity market saw a downturn. The positive movement in these select stocks stood out against a backdrop of declining domestic benchmarks, which were weighed down by banking and energy sectors amid geopolitical concerns.
On Tuesday, the 30-share Sensex pack declined 251.61 points or 0.33 per cent to settle at 77,017.79, while the Nifty index fell 86.50 points or 0.36 per cent to close at 24,032.80. Despite this general market weakness, CreditAccess Grameen surged 16.66 per cent to close at Rs 1,539.10. Titagarh Rail Systems gained 9.16 per cent to Rs 839.90, and Quess Corp advanced 5.67 per cent to settle at Rs 223.50.
Technical Outlook and Price Targets
Shiju Koothupalakkal, a Research Analyst at Prabhudas Lilladher (PL), offered technical insights and future projections for these three counters:
CreditAccess Grameen
- Koothupalakkal noted a strong breakout above the Rs 1,495 resistance barrier, supported by significant trading volume.
- This bullish candle formation suggests a further upward trajectory.
- The analyst indicated Rs 1,470-1,480 as an important near-term support level that needs to be sustained.
- Expected upside targets for CreditAccess Grameen are set at Rs 1,650 and Rs 1,790 in the coming days.
Titagarh Rail Systems
- The stock displayed a strong bullish candle on daily charts with substantial volume, moving past the crucial 200-period Moving Average at Rs 813.
- This movement strengthens the positive bias, anticipating further rises.
- The Rs 800 zone is identified as a critical support level to maintain the current momentum.
- Higher targets for Titagarh Rail Systems are projected at Rs 885 and Rs 950.
Quess Corp
- Quess Corp witnessed a decent spurt over the last two sessions, breaking above the Rs 222 resistance level intraday, reaching a high of Rs 238 before easing slightly.
- Despite the late-session fizzle, the overall bias remains strong.
- If the stock sustains above the Rs 222 zone, further gains are expected.
- Target levels for Quess Corp are anticipated between Rs 245-260, with Rs 207 acting as an important support level.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.