Technical Breakout Stocks: How to trade Raymond, Avanti Feeds and Sobha on Monday?
On Friday, the Indian market continued its upward trend, marking the third consecutive day of gains. The S&P BSE Sensex surged by over 1,600 points, while the Nifty50 closed just below the 23,300 level.
closed in the green on Friday for the third consecutive day in a row.The S&P BSE rose more than 1,600 points while the closed just a shade below 23,300 levels.
Sectorally, buying was seen in , , and .
Stocks that were in focus include names like rose more than 7%, closed with gains of nearly 9% to hit a fresh record high, and closed 7% higher to hit a fresh high on Friday.
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: Kunal Kamble, Sr. Technical Research Analyst at Bonanza Portfolio Ltd
Raymond Ltd:
On the daily time frame, has given a breakout of Pennant Pattern on the upside which indicates continuation in uptrend. The volume increase supports the price action, indicating buyers are keen to buy the security at the current price.The stock price is trading above its 50 and 200-EMA indicating an uptrend. On the directional front DI+ is trading above DI- indicating uptrend whereas ADX trading above DI- indicates strength in the upmove.
ETMarkets.comAvanti Feeds
A Head & shoulder breakout was witnessed in and a throwback towards the breakout level was seen. The security has started moving in the northern direction again indicating a continuation in trend after a throwback.The price has taken support near the Base Line and Conversion Line indicating a positive trend in the security. The momentum Indicator RSI is trading in the higher zone which indicates uptrend in the security
ETMarkets.com
Sobha
On a Daily time frame, has given a breakout of its all-time high indicating a continuation of uptrend.The volume increase is supporting the price action, indicating buyers are keen to buy the security at the current market price.
On the average front the price is trading above its 50 and 200 EMA indicating an uptrend.
On the directional front DI+ is trading above DI- indicating uptrend whereas ADX trading above DI- indicates strength in the upmove.
ETMarkets.com(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
