Technical Breakout Stocks: How to trade Colgate-Palmolive, HUL and UPL on Friday

Sectorally, buying was seen in telecom, utilities, oil & gas, and power stocks while selling was seen in banking stocks.

Stocks that were in focus include names like which closed with a gain of over 4% to hit a fresh record high, which recouped losses after hitting a 52-week low to close with gains of nearly 1% and which closed with gains of over 2% after hitting a 52-week low on Thursday.

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 of Alpha Bot Capital, has to say:

HUL
The short-term and mid-term trend of HUL continues to remain in a downtrend. On the intraday charts, the immediate resistance on the upside remains on the upper trendline of 2,375 & 2,400 levels.

It is expected to further go down to its nearest extension level of 2,276 in the near future.

ETMarkets.com

UPL
UPL is trading in a sharp downtrend for a while now in both larger and shorter time zones.

Currently, in the 60-minute chart, UPL has had a breakdown from a Symmetrical Triangle pattern aiming at the downside target extension levels of 444 & 432 levels. The resistance on the upside is at 480 levels.

ETMarkets.com

Colgate-Palmolive India
Colgate-Palmolive India has entered into its 52-week highs on Thursday but it couldn't manage to close above its resistance area on the intraday charts.

The overall trend is still positive, but fresh buying will take place only after the breakout above the trendline, which can then lead it to 2,786 levels on the upside. The support levels below are at the lower trendline of 2,540 levels.

ETMarkets.com

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