Technical Breakout Stocks: How to trade Motilal Oswal, Nippon Life and D-Mart on Monday

Stocks like Motilal Oswal, Nippon Life, and D-Mart showcased strong performance, aiming for specific resistance levels. Positive market closure with sectoral variations observed.

Domestic stock market snapped a 4-day losing streak to close in the green on Friday. The S&P BSE rose by about 600 points while the Nifty50 closed above 22,100 levels.

Sectorally, buying was seen in consumer durables, metals, banks while selling was seen in healthcare, IT and realty.

Stocks that were in focus include names like which rose more than 7% to hit a fresh record high, was up more than 1% while or Avenue Supermart closed with gains of nearly 2% to hit a fresh 52-week high.

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: Sanket Thakar, CMT, Founder- Alpha Bot Capital

Motilal Oswal:

Motilal Oswal remained calm and composed even after a panic gap down on Nifty on Friday and entered its all-time high levels with momentum.

The intraday and daily charts both are in strong uptrend and are soon expected to hit upside resistance levels of 2320-2407-2530. The support on the downside remains at 1955.

Nippon Life:

Nippon Life has broken out of a Cup and Handle Pattern on an intraday chart time frame. The trend is still very bullish and also this stock is an outperformer on a relative strength basis.

The near-term target for the stock is placed at 577-594 & 616 in a couple of weeks time. The support level below remains at 513 levels.

D-Mart:

D Mart is stable, and the trend is currently up from positional to the intraday time frames. The hurdles on the way currently are at the extension levels of 4864 - 4991 levels. The support level below is at the level of 4397.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

Source: Stocks-Markets-Economic Times