Sectorally, buying was seen in oil & gas, energy, metal, and auto stocks while IT, realty, and capital goods stocks saw some selling.
Stocks that were in focus on Thursday include names like PCBL (which rose nearly 4%), TVS Motor Company (which closed with gains of about 3%) and Nippon Life Asset Manager (which was up more than 8%).
We have collated a list of three stocks that either hit a fresh 52-week high, or all-time high or saw a volume or a price breakout.
We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view:
Viraj Vyas CMT, CFTe |Technical & Derivatives Analyst| Institutional Equity, Ashika Stock Broking Limited:
PCBL (All Time):The stock, a major player in the specialty chemicals sector, underwent an extensive period of price and time correction starting in 2018.
Notably, the stock has formed a Cup and Handle pattern, and the breakout occurred in June.
The stock is currently on an upward trajectory, and when a breakout follows from such a substantial base, it often leads to powerful trending movements.
The stock is anticipated to reach levels around Rs 240-245, with a significant support level observed at Rs 190.
TVS Motor (All Time)
The stock has displayed impressive performance since the beginning of 2022, and it is currently trading near its all-time highs. This boost is attributed to robust sales figures and the festive season, which traditionally favors the auto sector.
The stock continues to form a pattern of Higher Highs and Higher Lows, indicating its bullish trajectory. If the stock can maintain its position above the Rs 1500 level, it is expected to progress towards Rs 1750.
ETMarkets.comNippon Life (52-Wk High)
The stock is a part of the mutual fund industry, which falls under the market infrastructure sector. This sector, encompassing entities like BSE, CDSL, and brokerages, has been gaining significant attention.
The stock has been involved in both time and price consolidation on larger time frame charts. However, upon closer examination, we can observe a shift to a higher high and higher low pattern.
The recent breakout from the consolidation range indicates a change in the stock’s behaviour. Despite this, it might not be advisable to enter the stock at its current price.
In the upcoming sessions, if the stock manages to sustain its breakout above the Rs 370-375 range, it is likely to head toward the Rs 440 level.
ETMarkets.com(Disclaimer: All of the above observations are shared for educational purposes only.)
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)