Sectorally, buying was seen in capital goods, healthcare and telecom stocks while selling was seen in oil & gas, consumer durables, and banks.
Stocks that were in focus include names like HUDCO which was up more than 3%, Thermax closed with gains of over 2% to hit a fresh lifetime high and Indian Bank pared gains and closed with gains of nearly 1%. All stocks hit a fresh all-time high.
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 Limited
HUDCO
The stock has historically underperformed and has been a relative laggard since its debut on Street. However, recent developments suggest a potentially transformative phase.
It has begun to shape a substantial ‘Rounding Bottom’ formation, which, given the prevailing momentum in PSE (Public Sector Enterprise) companies, holds the promise of substantial returns.
Nonetheless, it’s worth noting that the stock has witnessed a robust rally this year without sufficient consolidation.Consequently, despite its strength, a period of price consolidation is expected.
Investors may consider buying the stock on dips, provided that the stock maintains support above the 74-level on a closing basis.
Thermax
The stock has benefited from the upward trend in the capital goods sector, experiencing a noteworthy uptick in both momentum and buying interest.
This upward trajectory has been characterized by a consistent pattern of higher highs and higher lows. Importantly, the stock has reached its all-time high and is displaying impressive outperformance in comparison to the broader market.
In the short term, the stock exhibited a trend acceleration, with a crucial support level now identified at 2,750. Further, potential upward movement is anticipated, with the stock aiming for the 3500 level.
ETMarkets.comIndian Bank
The stock belongs to the PSU banking sector, which has witnessed a remarkable rally this year, particularly in recent weeks.
When observing the larger time frame, the stock appears to be trading within an Expanding Pattern formation. Notably, the dips in this pattern have been as erratic as the upswings.
Currently, it is advisable to maintain existing positions in this stock and refrain from initiating new entries.
Our expectations are for the stock to progress towards the 460-470 range, with significant support levels located at 390.
ETMarkets.com(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)