Momentum Stocks: Saraswati Saree Depot, Unitech, ISGEC Heavy Engineering rise on sheer momentum

New business data points to the fact that In a market short on fresh triggers, several stocks quietly grabbed attention on September 10, 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.

Saraswati Saree Depot shares rose 18.17% to ₹67.84, trading well above their short- and long-term moving averages. The stock’s 30-day, 50-day, 150-day and 200-day simple moving averages stand at ₹57.41, ₹56.16, ₹59.46 and ₹63.69, respectively, indicating firm upward momentum.

Unitech shares rose 4.98% to ₹4.22, trading above their 30-day moving average but below the longer-term averages. The stock’s 30-day, 50-day, 150-day and 200-day simple moving averages stand at ₹4.02, ₹4.23, ₹4.60 and ₹4.86, respectively, indicating near-term resilience but weaker longer-term momentum.

ISGEC Heavy Engineering shares rose 4.62% to ₹822.65, trading above their 30-day moving average but below the longer-term averages. The stock’s 30-day, 50-day, 150-day and 200-day simple moving averages stand at ₹786.29, ₹827.74, ₹906.51 and ₹883.94, respectively, indicating improving short-term momentum but continued pressure from the longer-term trend.

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.

Studio LSD shares declined 6.80% to ₹8.50, trading below their short- and long-term moving averages. The stock’s 30-day, 50-day, 150-day and 200-day simple moving averages stand at ₹9.12, ₹9.19, ₹10.12 and ₹10.87, respectively, indicating weak downward momentum.

Kalana Ispat shares declined 3.61% to ₹20, trading below their short- and long-term moving averages. The stock’s 30-day, 50-day, 150-day and 200-day simple moving averages stand at ₹20.75, ₹20.11, ₹21.18 and ₹22.59, respectively, indicating continued softness.

Radiant Cash Management Services shares declined 3.41% to ₹36.81, trading below their short- and long-term moving averages. The stock’s 30-day, 50-day, 150-day and 200-day simple moving averages stand at ₹38.11, ₹38.02, ₹39.30 and ₹42.20, respectively, indicating persistent downward momentum.

Several stocks touched fresh 52-week lows, highlighting persistent selling pressure in the market. Notable names that hit new lows included HEG, Bikaji Foods, SBI Life Insurance, Tata Consumer Products, P&G Hygiene, HDFC Bank, IndiaMART InterMESH, Wipro and Voltas.

Ladderup Finance, Saraswati Saree Depot, Digjam among others were locked in their upper circuits, reflecting firm buying and signalling bullish near-term sentiment.