Technical Breakout Stocks: How to trade Vedanta, Petronet LNG and Indigo on Friday?

Sectorally, buying was seen in oil & gas, energy, metal, public sector, and FMCG while some profit-taking was seen in auto and utilities.

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


This stock has been showing strong bullish momentum in the last couple of days with strong volumes. On the daily time frame, there is a gap between 372 and 392 and on the weekly charts, it is a copybook-style "W" pattern breakout.

If it clears and stays above 392, the stock has good prospects of testing its life high of 440 in the medium-term. On the downside, 340-320 are likely to act as good support zones now.

PetronetLNG
This stock was in a consolidation pattern for almost 2 months in the zone of roughly 300-250. On Wednesday, it gave a fabulous breakout with extraordinary volumes on the daily charts.

It is expected to test the 350 mark very soon, and any dip towards 290 can be used as a buying opportunity with a stop of 280.

This stock is in its bull run and has been soaring for many months. The weekly Relative Strength Index (RSI) is in a bullish zone.

In the short term, it is expected to test 4050 -4100 which is a minor technical hurdle. If the stock sustains above 4050-4100, it can touch 5000 levels. On the downside, 3400-3300 is likely to act as a strong support.

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