Unusual volumes spurt in Suven Life, stock zooms 14%


Shares of Suven Life Sciences has shot up by 14% to Rs 225. The stock opened at Rs 200, hit an intra-day high of Rs 227.80 and an intraday low of Rs 200. Its previous close was at Rs 198.

Technically, after being in a declining mode for the past ten quarters, the stock has finally broken out from a declining trendline on the weekly chart post which the stock has rallied over 25% in the past two weeks.

Suven has also comfortably surpassed above it's short-term as well as long-term moving averages. Only cause of concern is that the stock currently trades in an overnight zone. 
 
The stock has seen a sudden spike in volumes as activity has surpassed 2 weeks average volumes of 1.19 lakh shares as compared to today’s volumes of 6.54 lakh shares within the first three hours of trade.

Volumes have so far skyrocketed by 5.5 times with another three hours of session remaining.
 
The company has recently announced that it had secured a product patent in New Zealand for the treatment of disorders associated with Neurodegenerative diseases. The promoters have a 60% holding in the company and have no pledged shares.

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