March series standouts: 3 stocks that are defying average volumes
![March series standouts: 3 stocks that are defying average volumes March series standouts: 3 stocks that are defying average volumes](https://images.moneycontrol.com/static-mcnews/2024/02/stocks_in_news-770x433.jpg)
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The benchmark Indian indices traded flat as sideways momentum continued after last week’s rally which saw the Nifty scale a new high above 22,300. Volume-based activity data indicates strong activity in scrips such as Coromandel, Berger Paints, and Hindalco.
According to Rajesh Srivastava, a derivatives trader, volume data at the beginning of the March Series reveals that counters of Coromandel, Berger Paints, and Hindalco have experienced a surge in volume compared to the three-month average, suggesting that these stocks will be in focus in the March series.
Graphs below depict how volumes on these scrips have shown a rise at the start of the month series.
Data source: Rajesh Srivastava
In terms of price action, here’s what Avdhut Bagkar, derivatives and technical analyst at StoxBox, has to say about each of the scrip:
Hindalco Industries Ltd
Shares of Hindalco Industries have violated key supports of the 50-day simple moving average (SMA) and 100-day SMA at 559 and 530.70. The price action symbolises a negative bias. To mark the upward trend, the stock must sustain over 100-day SMA to visualise the underlying bullish build-up. The major breakout is over 559, its 50-day SMA. On the downside, the 200-day SMA placed at 485 serves as the bolstering mark.
Coromandel International Ltd
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The price action is hovering around the 200-day SMA placed at 1,083, symbolising accumulation scenario. This momentum needs to break out over 1,125 to embark on the fresh up-move. Until that happens, a closing basis support of 1,050 should indicat smart reversal moves. A significant breakout over 1,050 would entice bulls to ride the breakout rally, leading a move to 1,200.
Berger Paints India Ltd
Despite crossing above-average volumes lately, the price action is unable to hold the momentum over the hurdle of the 610 mark. While 560 -540 continues to witness accumulation, only a definite outlook would emerge once the price action takes out 610 mark. Thereafter, a move towards 650 cannot be ruled out.
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