Sectorally, buying was seen in telecom, utilities, power, and capital goods while selling was seen in banks, and IT stocks.
Stocks that were in focus include names like The New India Assurance Company which rose more than 5%, General Insurance Corporation which gained nearly 6% to hit a fresh 52-week high and Welspun India which was up over 6% during the session.
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 on how one should look at these stocks the next trading day entirely from an educational point of view:
Analyst: Sanket Thakar CMT, Founder- Alpha Bot Capital
The New India Assurance
Shares of The New India Assurance (NIACL) witnessed a strong breakout from a Trendline in December 2022 with large volumes signalling a strong trend reversal on the upside.After the breakout, there has been a small throwback due to the 200-week SMA resistance and is now again gaining volume with the increase in price.
This is a positionally long-side favourable trade because it is now breaking the 200 SMA resistance. The upside resistance is now directly at 160 and the support levels are at the lower trendline level at 105.
ETMarkets.comGICRE
There has been a series of multiple resistance breakouts in General Insurance Corporation Of India (GICRE) which made it move straight to its 52-week high regime displaying a very bullish sentiment.
GICRE is clearly heading for its upside resistance levels of Rs 244 and then Rs 272. The support levels remain at 178 to 170 levels.
ETMarkets.comWelspun India
Welspun India has witnessed a Flag pattern breakout and is continuing in the same upside direction with a resistance of open gap at Rs 135 and the flag pattern target at 145 Rs. The trend is on the upside and the support level is at Rs 100.
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 experts are their own. These do not represent the views of the Economic Times)