Sectorally, buying was seen in telecom, capital goods, realty, consumer durables and industrials while some selling was seen in oil & gas, public sector and energy stocks.
Stocks that were in focus include names like Reliance Industries which was up nearly 1%, ICICI Bank pared gains after hitting record high and M&M closed with gains of nearly 1% to hit a fresh record high on Friday.
We have collated a list of three stocks that either hit a fresh 52-week high, or an 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: Virat Jagad, Technical Analyst at Bonanza Portfolio LtdICICI Bank Ltd.
A bullish trend is evident in ICICI Bank as it experiences a breakout from an Ascending Triangle pattern on the daily timeframe. The price is currently at its peak, forming a lower wick candle that signals buying interest at the lower range.
The security found support above the 21-day EMA, and the price is consistently trading above both the 21 (fast moving average) and 50 EMAs (slow moving average) — indicating a positive trend.The surge in volume on the breakout day suggests active participation from buyers. In terms of momentum, the RSI is heading towards north, showcasing bullish sentiment.
On the directional front, DI+ is above DI-, signaling a positive trend, and ADX is trading above the 20-mark, indicate robust movement strength.
For potential trading strategies, a daily closing support level at 1030 can be considered, with a further resistance target at 1150.
Reliance Industries Ltd:
Reliance Industries Ltd has experienced a breakout from an upward moving channel on a weekly basis, and it is noteworthy that the security is maintaining its position above the hurdle mark, indicating a strong bullish presence.
The formation exhibits a bullish price action, suggesting a keen interest from buyers, with expectations of further buying activity in the upcoming period.
In terms of Exponential Moving Averages (EMA), the stock is trading above significant EMAs, signaling a positive trend. The Fast EMA (21) aligns with the upward trend, acting as a supportive level for the script.
Momentum analysis reveals that the Relative Strength Index (RSI) is in the overbought territory, confirming the prevailing bullish control.
On the directional front, DI+ is above DI-, pointing towards a positive trend, and the ADX above the 20-mark signifies strength in the ongoing movement.
Therefore, based on the outlined technical indicators, there is a potential for an upside movement towards 3100 with a support level around 2900 in the coming period.
Mahindra & Mahindra Ltd:
In Mahindra & Mahindra Ltd, a Rising Wedge pattern has taken shape, finding robust support at the lower rising trend line, accompanied by significant buying pressure and increased volume, signaling a noteworthy interest from buyers.
Recently, there has been a breakout from this formation, presenting a bullish outlook for the security.
Furthermore, the current price is trading above key Exponential Moving Averages (EMAs), reinforcing the bullish sentiment in the security.
Momentum indicator, the MACD line has crossed above the signal line, indicating a bullish momentum taking charge of the script.
On the directional front, DI+ is positioned above DI-, affirming a positive trend, while the ADX trading above the 25-mark underscores the strength in the movement, solidifying the positive outlook for Mahindra & Mahindra Ltd.
To sustain and possibly enhance the buying interest, the stock needs to hold above the 1840 level. In this scenario, the next support level is anticipated at 1700, while 2300 poses as a resistance mark for the stock.
(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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