Usually a stock that breaks out into 52 weeks high or all time high coming out of correction (within the sector) is the leader. This is according to the theory mentioned in books. But we know the basic rule of stock markets, and that is it follows no rules.
The possibilities you mentioned are of academic interest. Practically speaking, we have to consider each case individually and derive our own conclusions.
What I have seen is that usually sector leaders ( big dominant companies usually) tend to breakout the first, and then second rung companies start their run. The laggards begin their bull runs last, but often run the farthest. ( based on sugar sector rally we saw a few quarters back. Balrampur chini was first to cross ATH, and then moves started in Dhampur, Triveni engg, Dalmia sugar etc… Finally Renuka, Bajaj Hind started moving and in terms of percentage returns provided best returns. This does not mean this pattern will be followed each time in sectoral runs, but we can use this knowledge while looking at the sectoral runs. )
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