Sectorally, selling was seen in auto, metals, oil & gas, and consumer durable stocks while buying was seen in utilities and power stocks.
Stocks that were in focus include names like Prism Johnson which was up more than 12%, Adani Wilmar which fell nearly 1% to hit a fresh 52-week low, and V-Mart which closed with a loss of more than 2% to a new low on Thursday.
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:
Analyst: Sanket Thakar, CMT, Founder- Alpha Bot Capital
V-Mart: 52-week low
V-Mart has already been an underperformer during the entire bull rally in the Nifty. In this downfall, it saw a steep decline and the overall trend remains extremely bearish.
For intraday traders, this stock is in a sell-on-rise mode where the short-term resistance in the 60-minute chart is placed at the trendline level of 1860. This trade will serve as a mean reverting opportunity for them.
Prism Johnson: Volume Spike
Prism Johnson on an intraday time frame has seen a strong consolidation zone of 144 & 120 and it has been in that area for over a month now.
For short-term traders, an important resistance range of 134 & 138 serves as a good opportunity for profit booking for the long-side traders.
ETMarkets.comAdani Wilmar: 52-week low
Adani Wilmar has been in a strong downtrend for a year now and has still been forming lower tops lower bottom formation in intraday time frame.
This condition is clearly a sell-on-rise condition for traders & multiple resistances are at the upper level of 333, 345 & 355. For day traders, these resistances are opportunities to short sell & similarly profit booking areas for long-side traders.
(Analyst Disclaimer: I’m not a SEBI registered advisor, please consult your financial advisor before investing any money. All of the above observations are shared for educational purposes only. Views mentioned are of the Analyst.)
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(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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