Momentum Stocks: ITDC, Aastha Spintex, Rashi Peripherals share up 4-6% on sheer momentum

As per the latest business developments, In a market short on fresh triggers, several stocks quietly grabbed attention on September 22, fuelled by technical breakouts, firm price action, and sustained buying interest.

The selected stocks are showing firm upward momentum, trading well above their key short- to medium-term moving averages, which indicates a positive trend in the near term.

India Tourism Development Corporation shares rose 5.91% to ₹708.30. The stock is trading above its 30-day (₹668.78), 50-day (₹692.32), 150-day (₹596.70) and 200-day (₹586.39) simple moving averages.

Aastha Spintex shares advanced 5.57% to ₹81.12. The stock is trading above its 30-day moving average of ₹76.84.

Rashi Peripherals shares advanced 4.29% to ₹864.10. The stock is trading above its 30-day (₹828.57), 50-day (₹817.90), 150-day (₹602.88) and 200-day (₹540.98) simple moving averages.

The selected stocks are witnessing downward pressure, as reflected in negative price movements and their positioning relative to key moving averages, indicating a wary market sentiment.

Unilex Colours shares declined 8.46% to ₹25.00. The stock is trading below its 30-day (₹27.31), 50-day (₹27.22), 150-day (₹30.46) and 200-day (₹34.15) simple moving averages.

Kaytex Fabrics shares declined 3.98% to ₹55.00. The stock is trading below its 30-day (₹57.28), 50-day (₹57.85), 150-day (₹63.84) and 200-day (₹65.52) simple moving averages.

MVK Agro Food Products shares eased 3.01% to ₹220.50. The stock is trading below its 30-day (₹227.34), 50-day (₹278.48), 150-day (₹421.48) and 200-day (₹490.96) simple moving averages.

Several stocks touched fresh 52-week high, highlighting persistent buying interest in the market. Notable names that hit new high included JSW Infrastructure, Syrma SGS Technology, Welspun Living, APAR Industries, Ipca Laboratories, Shyam Metalics and Energy, Laurus Labs, Welspun Corp, ACME Solar Holdings, Aegis Vopak Terminals and Aegis Logistics.

Austin Engineering Firm, V R Films & Studios, Lalithaa Jewellery Mart among others were locked in their upper circuits, reflecting firm buying and signalling bullish near-term sentiment.