Sectoraly, buying was seen in utilities, public sector and banks while realty stocks saw selling pressure.
Stocks that were in focus include names like Supreme Industries which rose over 12%, Aegis Logistics which gained nearly 10% to hit a fresh record high and ICICI Bank which closed with gains of nearly 5% on Monday.
Also read: Sensex surges 941 points: Here are 5 factors which unleashed the bulls
We have collated a list of three stocks that either hit a fresh 52-week high, or an 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.
Here’s what Priyanka Limaye (CA , CMT) had to say:
Supreme Industries
This stock has been in a consolidation zone of 3,820-4,820 since August 2023. On Monday, it gave a breakout from this zone with excellent volumes.
The Relative Strength Index (RSI) too is entering into an extreme bullish zone on the daily time frame.
If the stock remains around 4,850 levels, it is expected to test 5,800-6,500 levels in the short- to medium-term. The support zone for the stock will be around 4,600-4,400.
ETMarkets.comAegis Logistics
This stock has given an excellent breakout from weekly channel patterns in the first week of April.
The stock has been seeing good volumes since the breakout. With now monthly RSI entering into an extreme bullish zone, it is expected to test 800-920 levels in the medium term. It is advisable to keep strict stop at 580
ETMarkets.comICICI Bank
This stock has given a channel breakout on the daily time frame in Monday’s session with decent volumes.
On the daily time frame, the RSI is entering into an extreme bullish zone and price is sustaining above the 5-EMA zone. The stock is expected to test 1,290 in the short- to medium-term.
The level of 1,080-1,050 shall act as strong support zones for the stock.
ETMarkets.com(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)