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In the NSE list of stocks with a market cap over Rs 1,000 crore, 14 stocks witnessed a 5-year swing high at the close on September 9, suggesting bullishness in counters, according to stockedge.com’s technical scan data. Of these, we have highlighted the top 8 that posted gains of more than 2.5%.
A 5-year swing high represents the highest price a stock has reached within a five-year timeframe. This level acts as a significant resistance point where the price has historically struggled to go beyond. This occurrence may be seen as a bullish sign, indicating the potential for further upward movement in the stock. However, it’s worth noting that this is different from a 5-year breakout, which occurs when a stock’s price surpasses a key resistance level that has held for five years or longer.
