Shares of Tejas Networks Ltd, Redington Ltd, Camlin Fine Sciences Ltd, Netweb Technologies India Ltd, and Chennai Petroleum Corporation Ltd experienced a notable increase in trading on February 27, rising by as much as 19% despite a stock market crash.
Tejas Networks Ltd spearheaded the increase with a 19% rise, closely followed by Redington Ltd, which saw a 17% gain. Camlin Fine Sciences Ltd increased by 10%, whereas Netweb Technologies India Ltd went up by 8%. In the meantime, Chennai Petroleum Corporation Ltd recorded a gain of 6.25% during the trading session.
Benchmark indices Sensex and Nifty 50 fell by more than 1% on Friday due to new foreign fund withdrawals and lackluster global trends amid increasing geopolitical tensions.
Experts noted that the stalled US–Iran nuclear discussions have heightened fears of more escalation in Middle East conflicts.
The 30-share BSE Sensex plummeted 961.42 points, or 1.17%, closing at 81,287.19. At one point during the day, it fell by 1,089.46 points, or 1.32%, reaching 81,159.15.
Nifty 50 declined by 317.90 points, or 1.25%, finishing at 25,178.65. According to exchange data, Foreign Institutional Investors (FIIs) sold off equities worth ₹3,465.99 crore on Thursday, while Domestic Institutional Investors (DIIs) purchased stocks valued at ₹5,031.57 crore.
Let’s take a look at how the stocks have been performing up to this point;
Tejas Networks Ltd
Tejas Networks share price has stood out as the leading performer both weekly and monthly, experiencing a surge of 34% in the last week and a substantial 46.3% over the past month, showing significant short-term momentum. However, the stock is still down 42.3% for the year, indicating prior weakness despite the recent uptick.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, the stock prices witnessed sharp gains these week backed with volumes, crossing 20WEMA for the first time since December 2024, positive momentum is likely to extend in near term with ₹480 – 500 as next resistance and ₹370 as support.
Redington Ltd
Redington share price experienced an increase of 11.53% over the course of a week and 9.2% over the month, although its yearly return is a modest 10.6%.
Anshul Jain, Head of Research at Lakshmishree, said that Redington has delivered a classic failed breakdown below its rectangle support near 246, quickly reversing and reclaiming the range above 250. The trap flushed out weak longs and triggered aggressive short covering, reflected in an extraordinary volume spike of over 5,000% versus the 50-day average.
As long as the stock sustains above 250, the setup favors continuation toward the rectangle top near 299. A close back below 246 would negate the trap thesis, but current structure supports an upside test of range highs, according to Jain.
Netweb Technologies India Ltd
Netweb Technologies India share price also displayed impressive momentum, climbing 6% within a week and 26.4% over the month, while achieving an impressive 146.4% return over the previous year, positioning it as one of the top long-term performers on the list.
According to Bhosale, the stock has gained for the second consecutive week forming a higher bottom on the weekly chart, considering the relative strength outperformance is likely to extend towards ₹4,400 with strong base at ₹3,500.
Camlin Fine Sciences Ltd
Camlin Fine Sciences share price saw weekly gains of 4% and monthly gains of 5.7%, yet it is still down approximately 4.8% over the past year.
Bhosale said that Camlin Fine Sciences share price are forming a base around the 200-weekly moving average and strong support is seen around 140 levels on the higher side 160 is immediate resistance beyond which prices may seen further strong move towards ₹180.
Chennai Petroleum Corporation Ltd
Chennai Petroleum Corporation shares increased by 8.86% weekly and 13.4% monthly, boasting a considerable 96.4% gain over the last year.
According to Bhosale, on the daily chart, we are seeing a fires price and volume breakout known as Inverse head and shoulder, prices are holding well above all major moving averages and buy on dip should be considered in this counter with strong support around ₹940 and ₹1,050 as potential target.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
