Technical Breakout Stocks: How to trade Tata Power, Hindustan Zinc and Sobha on Wednesday?

Sectorally, buying was seen in FMCG, energy, consumer durables and capital goods while buying was seen in metal, realty and banks.

Stocks that were in focus include names like which rose over 3% to hit a fresh record high, , gained nearly 4% and closed with gains of nearly 16% to hit a fresh high on Tuesday.

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: Ankit Choudhary Co-Founder, Financial Independence Services, SEBI Registered Investment Advisors, Registration Number - INA100008939.

Tata Power

The stock is facing resistance around 435 levels. Fresh positions can be taken only above 437 with a stop loss of 407. The short-term target can be placed below Rs 500.

Investors can hold this gem for targets of 700 + in 1 year. We have been suggesting this gem from 200 levels for long-term wealth generation.

Disclaimer – Tata Power was shared as an intraday call today to our paid clients.

Agencies

Sobha Developers

The stock has been taking resistance in a range for the last 3 months. Fresh positions can be taken once the stock break this range and gives a closing above 1700 on daily charts with a stop loss of 1499.

Agencies

Hindustan Zinc

The stock showed a good up-move in April due to a rise in metal prices. It faces a stiff resistance at 400-410 levels.

A fresh position can be taken if the stock closes the 1-hour candle above 410 with a stop loss below 369 for near-term targets of 450 and 500 respectively.

Agencies

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