Sectorally, buying was seen in auto and consumer durable stocks, while selling was visible in utilities, power, FMCG, and realty stocks.
Stocks that were in focus include names like Titan Company, which was up more than 1%, Kalyan Jewellers, which rose more than 5% and Sunteck Realty, which closed with gains of nearly 12% on Friday.
We have collated a list of three stocks that either hit a fresh 52-week high or saw a volume or a price breakout.
We spoke to a trader about how one should look at these stocks the next trading day entirely from an educational point of view:
Analyst: Ashish Kyal, CMT, Founder – Waves Strategy Advisors, SEBI Registered Research Analyst
Titan Company
On the daily timeframe, Titan Company is trading in an upward-sloping channel. After gaining almost 6% in the last few sessions, prices are currently trading near the resistance area of the channel.Let’s take a look at the Relative Strength Index (RSI), which is showing levels of around 83 an overbought zone.
Although the trend of the stock remains on the upside. One can use buy on dips strategy. Any dip towards Rs 3075 can be used as a buying opportunity for the targets of Rs 3175 with a stop loss of Rs 2975 levels.
ETMarkets.comSunteck Realty:
On the daily timeframe, Sunteck Reality was trading in a downtrend since July 2022. Also, earlier prices which were trading in a downward-sloping channel have finally given a break above it.
Prices formed a Double Bottom pattern and have broken the neckline which comes to around 320 levels. The RSI is in an overbought zone.
So, we can wait for the RSI to cool down and one can continue to ride the trend with a stop loss of 320 levels.
ETMarkets.comKalyan Jewellers:
The stock is currently trading near the lifetime high. The stock is moving in an upward-tilted channel since its listing and has given a breakout of the same.
For now, any dips towards the channel i.e. towards Rs 156 levels can be used as a buying opportunity.
Since 23rd June, not a single candle has closed below the previous day’s low which shows the strength of the trend. In a nutshell,
Kalyan Jewellers looks bullish as long as Rs 148 holds on the downside.
Any dips towards Rs 156 can be used as a buying opportunity with targets of Rs 170 or higher.
ETMarkets.comAnalyst Disclaimer:
ETMarkets.com
