Chart: 15 stocks in Nifty 500 continue to rise despite volatile sentiment

Despite the stock market undergoing severe volatility, 15 stocks in Nifty 500 clinched over 10 per cent gains so far in the January 2023. Max Financial Services, Persistent Systems, Swan Energy, Hindustan Copper, and Rajesh Exports are the top gainers surging 25 per cent, 18 per cent, 17 per cent, 16 per cent and 15.50 per cent, respectively. 

Remaining 10 stocks gained between 10.50 per cent to 15 per cent, which includes well-known names like Coforge, Hindustan Zinc, CG Power and Industrial Solutions, Rail Vikas Nigam.

One of the reasons for these stocks to outperform others is due to their gradual upside supported by inclusive volumes, especially when compared to their volumes during declines. Volumes spurt were significantly higher during strong positive closes than during negative sessions.  

Technically, such scenario exhibits a strong hold of the bulls which are capable to overturn any major sell-off. While Persistent Systems and Co-forge were latecomers, they quickly gained traction when the momentum supported by volumes began to pour in.  Stocks like Max Financial Services, which soared in a vertical manner, witnessed higher volumes during its positive run. 

Swan Energy is another stock experiencing a vertical rally that began in November last year. Stock broke out on upside after witnessing a long consolidation in the range of Rs 240 to Rs 200 levels. 

Shares of Rajesh Exports managed to sustained over the barrier of Rs 800, which eventually led to an upside breakout. 

A move over Rs 124 reins a clever breakout in Hindustan Copper shares, pushing upward bias in a bullish territory. The stock is currently attempting to absorb all the selling pressure emerging at March 2022 highs. 

Looking at the overall chart structures, another 7-10 per cent upside cannot be ruled out in these stocks. Here are the supports and resistances levels of these gainers:-

Source: spidersoftware