Technical Breakout Stocks: How to trade Linde India, Bharti Airtel and InterGlobe Aviation on Wednesday

The S&P BSE Sensex plunged more than 700 points while the Nifty50 closed over 200 points lower. Sectorally, selling was seen in IT, FMCG, power, oil & gas and telecom stocks.

Indian market closed with a loss of over 1% on Tuesday, spooked by Bank of Japan’s decision to hike interest rates for the first time in 17 years.

The S&P BSE Sensex plunged more than 700 points while the Nifty50 closed over 200 points lower.

Sectorally, selling was seen in IT, FMCG, power, oil & gas and telecom stocks.

Stocks that were in focus include names like which pared gains after hitting record highs, which closed with marginal gains but hit fresh highs and which fell 0.49% on Tuesday.

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:

Linde India

Linde India continues to remain in an uptrend despite a weaker market outlook. If we look at the short-term charts, the support level is at the level of 6,460 and resistance is placed at 7,070.

Breakout above the resistance will lead it to 7,540 & 7,811 levels and breaking the support below will lead it to a lower trendline level of 6,100.

Bharti Airtel

Bharti Airtel is in an overall long uptrend and it's also the same in the intraday charts. The hourly charts are showing a short-term resistance at 1,250 and the support is placed at a lower trendline of 1,190.

The uptrend will continue once the upper trendline is broken.

InterGlobe Aviation

Indigo has been trading in a range of 3,300 & 3,000 for a while now and on Tuesday it fell from the upper trendline range.

It is now expected to go to its lower trendline 3,185 - 3,200 levels in the coming days & a break below the same could take it further down to its lower range of 3,030.

(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