Hindalco, RITES, Adani Power, Patel Engineering and ZEEL trade above previous day high

On Tuesday, the key Indian benchmark indices opened the session on a negative note. However, as the day progressed they recovered from the lower levels. The NSE Nifty 50 index is seen trading in the green as it has recuperated over 110 points from the day’s low and is hovering above the important psychological mark of 22,500 level.

Importantly, with the recovery from the lower levels, the index is trading near the day’s high. It managed to move above its prior session high of 22,520.25 and Tuesday’s high is 22,522.70. Let’s take a look at the stocks which are seen trading above their previous trading session high. Do note that the previous trading session high is an important level as it acts as an immediate resistance for the stock. When a stock price moves above its prior day’s high, it generally reflects optimism and positive sentiment.

Here are the 5 stocks trading above the previous day’s high on May 21, 2024

RITES Limited, a Navratna Public Sector Enterprise, is a leading player in the transport consultancy and engineering sector in India. Having diversified services and geographical reach, it is seen buzzing on the bourses on Tuesday. The share price of RITES has climbed over 4% and the total-traded volume on NSE stands at 32.43 lakh shares. This is the highest single-day volume ever seen by stock since the last week of March this year. The stock is trading above its 20-DMA and at the same time, it is up from the previous day’s high.

Furthermore, it has formed higher highs and higher lows for the past three trading sessions. This up-move in the stock price is due to the company winning about ₹915 crore contract for supplying 200 passenger coaches. A meeting of the board of directors is to be held on May 28, 2024, to consider and approve financial results and to consider dividends for FY24.

The shares of Patel Engineering had a promising start to Tuesday's session as it opened with a massive gap-up and made an intraday high of ₹65.90 on NSE. The total traded volume on NSE recorded is over 2 crore shares which is the highest since April 30, 2024. The stock is currently trading above its previous trading session high. The key catalyst for the stock price up-move is the stake acquisition in Shail Tunnelling and Infra Pvt.

Adani Power stock zoomed over 7% on Tuesday to new high of ₹692.35 per share on NSE. It is currently trading above its previous trading session high and the total traded volume on NSE stands at 47 lakh shares. This is the highest since the last four trading sessions. The company recorded a 29% YoY jump in Q4FY24 on the back of higher demand and capacity addition.

The shares of Hindalco rose by over 4% on Tuesday. The stock is currently trading above its previous trading session high of ₹662 and hit a fresh 52-week high of ₹691. It is seeing strong traction from market participants after its fully-owned subsidiary Novelis Inc. filed the registration statement with the SEC relating to the proposed IPO of its common shares.

The stock of ZEEL gained over 3% on Tuesday and with this up-move, it has surpassed the previous trading high of ₹141 apiece on the NSE. The stock has seen a significant rise in volumes. The total traded volume on NSE stands at 1.56 crore which is the highest since May 08, 2024. A short covering is observed as the stock price has risen on the back of a reduction in open interest.