Technical Breakout Stocks: How to trade KEC International, Kalpataru Projects and Solar Industries on Tuesday

The S&P BSE Sensex fell more than 600 points while the Nifty50 closed below the 22400 level. Sectorally, buying was seen in healthcare stocks while some selling was seen in telecom, metals, utilities, public sector and realty stocks.

Indian market closed lower on Monday tracking muted global cues. The S&P BSE Sensex fell more than 600 points while the Nifty50 closed below the 22400 level.

Sectorally, buying was seen in healthcare stocks while some selling was seen in telecom, metals, utilities, public sector and realty stocks.

Stocks that were in focus include names like which closed with gains of over 6% to hit a fresh record high, International which rose nearly 5% and which gained over 2% on Monday.

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 analyst Sanket Thakar, CMT, Founder- Alpha Bot Capital, had to say:

KEC International

KEC International hit an all-time high level on Monday and is overall in a positive uptrend. But, in the short-term scenario, it is trading inside a Rising Channel pattern on which profit booking was seen on the upside trendline resistance area at 766.

The support level below remains at Rs 700 to 710. A fresh buying move is expected once it sustains above the upper trendline levels.

Kalpataru Projects International Limited

KPIL hit its all-time high levels and the overall scenario remains positive.

In the short-term charts, it reversed from its upside resistance area of 1,154 levels which could now take it down to the lower trendline support of 1050 in the coming days.

Fresh buying in this stock will only continue if the upside trendline is broken.

Solar Industries

Solar Industries had broken out of the Symmetrical Triangle pattern on 4th March 2024. The trend is positive and bullish, and the near-term target is placed at 8,262 & 8,789 levels. The support for the stock is placed at 6,500 levels.

(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