These 9 stocks gained over 15% in February despite Ukraine-Russia stand-off

While Blue Star record a new 52-week high, RHI Magnesia India hit a new all-time high in February

The Ukraine –Russian crisis has seen investors - globally and in India - adopt a risk-off approach and looked for every possible strategy to minimise losses amid choppy markets. Among key commodities, Brent crude oil (dated Brent) touched $100 a barrel for the first time since 2014 on growing war concerns, which also stoked inflation fears back home and drove down markets. 

The escalating anxiety distressed the stock market globally. While Dow Jones corrected 4 per cent, Nasdaq dropped 5 per cent in February. Back home, the frontline indices - the S&P BSE Sensex and the Nifty50 - have gained around 0.25 per cent and 0.2 per cent, respectively, thus far in February.

Despite this gloom, there are nine stocks that gained between 15 per cent - 20 per cent in February. Of these, four counters - Blue Star, RHI Magnesia India, Schneider Electric Infrastructure and Elgi Equipments soared over 20 per cent during this period, data show.

On the other hand, CreditAccess Grameen, Gujarat Narmada Valley Fertilizers and Chemicals, InterGlobe Aviation (IndiGo), BSE, and Vedanta gained over 15 per each.

The technical setup

Candlestick pattern to the rescue: Shares of BSE and Vedanta saw buying momentum during this period as candlestick patterns held positive strength firmly. While Blue Star conquered major hurdle of Rs 1,050 and recorded a new 52-week high of Rs 1134, RHI Magnesia India hit a new all-time high of Rs 564 in February. Despite the overall weak market sentiment, these stocks held on to their bullishness. Formation of a a robust candlestick pattern helped these stocks hit a fresh 52-week and new all-time high levels. 

Robust volumes: The breakout in CreditAccess Grameen, Elgi Equipments and Gujarat Narmada Valley Fertilizers and Chemicals was gradual. InterGlobe Aviation, RHI Magnesia India and Schneider Electric Infrastructure, too, caught on to the rally. The one common thread across these stocks was that the rally was on increasing volumes, which supported an overall bullish bias. Even a slide gap-up move added significant interest of market participants, which witnessed follow-up buying in later sessions and helped these stocks fly high.

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