Shares of select individual companies such as Jaiprakash Power Ventures Ltd (JP Power), Adani Total Gas Ltd and Finolex Industries Ltd recorded a sharp rise on Wednesday.

At close, JP Power gained the most out of the three, surging 19.54 per cent to settle at Rs 22.88. Adani Total Gas Ltd soared 16.33 per cent to hit a record high of Rs 829.35 during the session, before closing 13.35 per cent higher at Rs 808.10. Finolex Industries Ltd ended 7.48 per cent up at Rs 191.80.

Check near-term trading strategy and outlook for these three counters by Kunal Kamble, Senior Technical Research Analyst at Bonanza:

Adani Total Gas

"Adani Total has witnessed a sharp bullish breakout, supported by exceptionally strong volumes and bullish price action. The stock has broken above its short-term moving averages. It has the potential to climb further towards Rs 850 and Rs 900 levels in the coming weeks, though there are signals of near-term overbought conditions, which may lead to temporary consolidation. Immediate support is placed near Rs 740-700, while the broader trend outlook has turned significantly positive," the analyst said.

Finolex Industries

"The stock has decisively moved above its short-term moving averages and is now approaching the long-term resistance zone. Charts are reflecting strengthening bullish momentum and renewed buying interest. The strong bullish candle accompanied by exceptional volume expansion suggests accumulation at lower levels and improving sentiment. Sustaining above the Rs 190 range could trigger further upside momentum in the near term," Kamble stated.

JP Power

"The counter has witnessed a strong breakout supported by exceptional volumes, indicating aggressive buying interest. The price action suggests continuation of the ongoing uptrend after a consolidation phase. Fresh entry can be considered above Rs 22.90 level, expecting targets of Rs 26-27, while keeping a stop loss at Rs 20.80. Existing investors may continue to hold with a trailing stop loss of Rs 21.20 to ride the momentum," he also said.