Breakout Stocks: Breakout Stocks: How Infosys, RIL and ICICI Bank are looking on charts for Monday’s trade

The Indian market snapped a 6-day winning streak and closed lower on Friday as traders preferred to book profits at higher levels.

The S&P BSE Sensex fell more than 800 points, while the Nifty50 closed below the 19,800 mark on Friday.

Sectorally, some buying was seen in capital goods and infra stocks while selloff was visible in IT, consumer durables, and metal stocks.

Stocks in focus included names like Infosys, which was down more than 8%, Reliance Industries (RIL) fell more than 2% ahead of results, and ICICI Bank, which closed flat but with a positive bias ahead of results on Friday.

We have collated a list of three stocks that either hit a fresh 52-week high or saw a volume or a price breakout.

We spoke to a trader about how one should look at these stocks the next trading day entirely from an educational point of view:

Analyst: Hariprasad Kizhakkethara, SEBI Registered RA (INH200009351) and Director of Livelong Wealth.ICICI Bank
The stock has been in a bullish momentum from mid-June onwards and in the 4 hrs time frame we can identify good positions for bullish spreads to go long above Rs 1,002 and a stop loss can be placed below Rs 985 which was the old resistance that later on converted to the new support.

The target could be Rs 1,035 and this could be considered as a monthly swing trade.

ETMarkets.com

Reliance Industries
RIL shares dropped 3% post a downgrade by the global investment bank Macquarie. We are looking for long opportunities on the RIL post a bullish confluence with price action near the Rs 2,330 levels once it breaks above the Rs 2,680 levels.

At this price region, we will continue to hold existing positions and not think about creating any fresh positions unless the above-mentioned levels are taken out.

RELIANCE_2023-07-21_15-44-48ETMarkets.com

Infosys

InfosysETMarkets.com

There is a good long-side opportunity in the stock post the price correction seen on Friday amid weak Q1 results.

Looking at the levels, Rs 1,360 has been a level of support that validated multiple times in the past, which later acted as the new level of resistance in the daily timeframe.

Considering this deep correction, we are recommending positional longs on Infosys above Rs 1,360 with a stop loss below Rs 1,302 and targets of Rs 1,440 (target 1) and Rs 1,605 (target 2).

Infosys-2ETMarkets.com

(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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