Several stocks demonstrated strong upward momentum on May 8, driven purely by price action and technical breakouts. Solex Energy advanced 5.93% to ₹1,377.10, showing bullish momentum across all major moving averages. The stock is trading above its 30-day SMA of ₹1,300.01, 50-day SMA of ₹1,165.05, 150-day SMA of ₹1,270.13, and 200-day SMA of ₹1,310.57. Sagardeep Alloy gained 11.81% to ₹26.70, trading above its 30-day SMA of ₹23.88 and 50-day SMA of ₹23.44, while remaining slightly above the 150-day SMA of ₹25.46 and close to the 200-day SMA of ₹26.05. Grand Continent advanced 7.48% to ₹104.60, trading comfortably above its 30-day SMA of ₹97.32 and 50-day SMA of ₹94.97.
According to reports from Moneycontrol, several stocks saw sharp intraday moves and hit upper circuits, with Venus Remedies, Modison, Gujarat Raffia Industries, and GE Power India locked in the upper band. This reflected strong demand and limited supply, often a sign of bullish near-term sentiment. A broad set of stocks scaled fresh 52-week highs, underscoring resilient underlying demand despite the absence of major news catalysts. Notable gainers included HFCL, Torrent Pharma, JB Chemicals, Angel One, Gland Pharma, Vodafone Idea, Navin Fluorine, Bajaj Auto, and GE Vernova TD.
The selected stocks are showing strong upward momentum, trading well above their key short- to medium-term moving averages, which indicates a positive trend in the near term. However, some stocks are witnessing downward pressure, as reflected in negative price movements and their positioning relative to key moving averages. TruAlt Bioenerg declined 6.50% to ₹432.60, trading below its 30-day SMA of ₹462.69, indicating weak short-term momentum. Prostarm Info fell 4.70% to ₹146.25, trading below its 30-day SMA of ₹153.47 as well as its 150-day SMA of ₹158.61 and 200-day SMA of ₹170.46. HVAX Technologies slipped 4.11% to ₹776, trading below all major moving averages including the 30-day SMA of ₹809.29, 150-day SMA of ₹826.03, and 200-day SMA of ₹817.52.
