Sectorally, buying was seen in FMCG, banks, healthcare, and energy stocks while some profit-taking was seen in IT, power, and capital goods stocks.
Stocks that were in focus include names like Suzlon Energy, which rose 5%, PNC Infratech closed nearly 2% higher and Polycab India closed with gains of over 9% on Thursday.
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: Sanket Thakar CMT, Director – Alpha Bot Capital
Suzlon
Suzlon witnessed a high-volume breakout from a rounding bottom chart pattern in early June 2023.The stock had a positive trend reversal and very soon it is expected to hit levels of 20 and 23. The outlook for this stock remains positive. The range of Rs 13-14 will act as support levels for short-term traders.
PNC Infratech
PNC Infra Tech has successfully broken the price hurdle of 340 Rs. Now, it is resisting at the 2nd level of Rs 370.
The overall trend is up and remains strong. Fresh positions should be created once the price is sustained and closes above the level of 370, which will take it to further highs of Rs 400 and Rs 450 levels.
The important support level is at the lower trendline at a level of Rs 330.
ETMarkets.comPolycab India
Polycab witnessed a sharp rally after a flag pattern breakout in its monthly charts. The ultimate target of the chart pattern comes near the psychological level of Rs 5,000.
In the current scenario, the stock is almost near the profit booking zone as the pattern is about to reach its termination point of Rs 5,000 + the RSI indicator also suggests heavily overbought conditions.
ETMarkets.comAnalyst 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.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)