Technical Breakout Stocks: How to trade Justdial, Jio Financial Services and Bharti Airtel on Friday

Indian market closes red for the fourth consecutive day, with S&P BSE Sensex falling over 450 points and Nifty50 below the 22,000 mark. Telecom stocks rise, while consumer durables and energy witness a decline.

closed in the red on Thursday for the fourth day straight weighed down by weak global cues. The S&P BSE Sensex fell more than 450 points while the Nifty50 closed below 22,000 mark.

Sectorally, buying was seen in telecom stocks while selling was seen in consumer durables, energy, healthcare and banks.

Stocks that hit fresh record high on Thursday include names like that was up nearly 13%, that closed with gains of over 4% and which ended over 4% higher.

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: Priyanka Limaye, CA , CMT

Justdial

The stock has given an inverted Head and Shoulder pattern breakout on the weekly time frame charts. It has resumed its upward journey after retesting the breakout point.

The Relative Strength Index (RSI) and MACD suggested bullish momentum to continue for some more time on the weekly time frame. It is likely to test 1240 and 1350 levels, and on the downside 880-860 will act as the strong support levels.

Jio Financial Services
As per expansion and contraction, this stock is likely to move towards 420-480-510 levels in the short- to medium-term.

For fresh entry, one can look for a buying the stock on dips to 355-365 levels, which marks as a good support. In the shorter time frame, 310-300 are the extremely strong support zones.

Bharti Airtel

The stock has been making higher highs and higher lows since 2021 and currently trading in extremely over bullish zones with monthly RSI above 75.

It can test 1350 in short to medium term. It is advisable to buy in dips at supports of 1100-1150.

(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