Sectorally, buying was seen in consumer durables, realty, metals, and telecom stocks while selling was seen in oil & gas, utilities, public sector, and FMCG.
Stocks that were in focus included names like NCC, which was up over 10%, Medplus Health, which fell by over 9%, and Lakshmi Machine Works, which rose more than 8% 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: Viraj Vyas CMT, CFTe |Technical & Derivatives Analyst| Institutional Equity, Ashika Stock Broking LtdNCC
This particular stock has been lagging behind both the infrastructure sector and the overall market for a considerable period, confined within a range of 135 – 140 for nearly 15 years.
However, a recent development is catching investors’ attention – the stock has managed to break above the critical resistance level of 135, supported by significant trading volumes, and it is currently sustaining above this level on the monthly charts.
This breakout is of considerable magnitude, both in terms of time and price, which can potentially have a multiplier effect on the stock’s performance.
In the medium term, market participants are eyeing an expected target range of 240-300 levels, indicating the potential for substantial gains.
On an immediate basis, the stock could target 180-190 levels. As investors and traders alike closely monitor this stock, it is crucial to pay strict attention to the 150-level.
Holding above this level is crucial for maintaining the upward momentum, as failing to do so might trigger a sharp downward move.
Therefore, exercising vigilance and being mindful of key support and resistance levels is paramount when considering investment or trading decisions related to this stock.
Medplus Health Services
MedPlus Health Services stands as one of India’s premier pharmacy chains, boasting a comprehensive array of online pharmacies and diagnostic services.
In recent trading, the stock encountered a nearly 7% drop during the early hours following a significant block deal. This transaction, involving a 12.8% stake valued at Rs 1,319 crore, occurred on the trading platforms.
Spanning back to 2022, the stock has undergone a consistent downward trend until it found a firm base within the range of 600-550 earlier this year.
Since then, a pattern of ascending peaks and troughs has emerged, instilling a subtle bullish sentiment.
Presently, it’s prudent to exercise caution, particularly if the stock dips below the 750 mark, as it could potentially impact the current bullish framework.
ETMarkets.comLakshmi Machine Works
Experiencing a robust upward trajectory since the substantial correction witnessed in March 2020, the stock’s resilience has been noteworthy.
Notably, the stock has successfully breached a significant consolidation pattern known as the Cup and Handle.
What lends even greater weight to this breakout is the substantial trading volumes accompanying it. The stock has triggered a relative strength breakout vs the Nifty 50 index and we can expect this outperformance to continue.
Investors are advised to maintain their positions in this stock, with a target range of 18,000 to 19,000 levels in mind.
For those traders who entered the market at the time of the breakout, it is essential to implement a strategic stop loss at the 14,200 level to safeguard against potential downward moves.
ETMarkets.com(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)