Sectorally, buying was seen in power, realty, and auto while energy, oil & gas, healthcare, and IT stocks saw some selling pressure.
Stocks that were in focus include names like Usha Martin which rose over 5%, M&M which gained over 4% to hit a fresh record high and Trent which closed with gains of more than 1% after hitting a record high on Tuesday.
The Indian stock market was shut on Wednesday on account of Maharashtra Day.
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.Here’s what Ankit Choudhary (co-founder, Financial Independence Services, SEBI Registered Investment Advisors, Registration Number – INA100008939) has to say:
Trent
It posted a good set of numbers for Q4 along with positive growth commentary by the management, so the stock made a high of 4,760, but it failed to sustain the momentum.
The stock has formed a Gravestone Doji on the daily chart on Tuesday and can be a good short candidate on Thursday below 4,380 for a target of 4,300 and 4,200 with a tight stop loss of 4,551.
If the stock makes an Evening Stock pattern on Thursday closing, traders can also hold shorts for targets of 4,000 for this week.
(Disclaimer: We gave an intraday buy call on Trent today which gave around 3% gains to our FIS Family Members.)
M&M
M&M is forming a Pole & Flag pattern on the hourly chart with good volumes and RSI is above 60. Fresh entry can be taken above 2,170 with a stop loss of 2,129 for a target of 2,222 and 2,300 this month.
ETMarkets.comUsha Martin
The stock has given a good breakout on the monthly, weekly, and daily charts on Tuesday after consolidating for the past 8 months.
Fresh positions can be taken at the current price of 377 with a stop loss of Rs 249 for targets of 500 and 600 in the next 3-4 months.
ETMarkets.com(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)