The S&P BSE Sensex plunged over 800 points, while the Nifty50 closed below the 19,300 mark.
Indian markets were shut on Tuesday on account of a public holiday.
Sectorally, selling was seen in FMCG, auto, banks, consumer durables, and healthcare stocks.
Stocks that hit fresh 52-week or record highs, included names like CreditAccess Grameen, which was up over 7%, IPCA Laboratories, which closed with gains of more than 6%, and BSE Ltd, which also rose more than 6% to hit a fresh all-time high on Monday.
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 entirely from an educational point of view: Analyst: Viraj Vyas CMT, CFTe |Technical & Derivatives Analyst| Institutional Equity, Ashika Stock Broking Limited
BSE
The stock belongs to the market infrastructure sector, which has garnered significant attention, especially companies like MCX, CDSL, AMCs, and brokerages.
This stock has been a standout performer in the current year, delivering returns of nearly 200%. Analyzing its price action, the stock successfully broke out of a Rounding Bottom pattern and reached the target of Rs 1,700.
However, the stock has experienced profit-taking due to its rapid ascent in a volatile market. While trading this stock might pose challenges, investors are advised to maintain their positions if it remain above the Rs 1,500-level, with a target of around Rs 2,100.
IPCA Laboratories
The stock is part of the pharma universe, and space is acting as a defensive play amid uncertainties globally and at home.
The stock witnessed a major decline post-September 2021 till earlier this year as the stock corrected price-wise from Rs 1,350 to Rs 1,650.
It staged an impulsive move in July 2023, post which it was consolidated resembling the ‘Flag and Pole’ pattern.
The stock breached a multi-week high and expects bullish momentum to continue till Rs 1,150-1,200 levels with critical support at Rs 950.
ETMarkets.comCreditAccess Grameen
This stock belongs to the finance sector, specifically in the microfinance space. It recently reported a robust set of Q2 financial results, and its weekly chart reveals a positive structure of forming higher highs and higher lows.
In the upcoming weeks, we anticipate that the stock could aim for the Rs 1,650-1,700 range, with a support level of around Rs 1,400. Unless there’s significant global market weakness, the stock appears poised for a strong performance.
ETMarkets.comAnalyst Disclaimer: All of the above observations are shared for educational purposes only.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)