Breakout Stocks: How are Intellect Design, Ajanta Pharma and NCC looking on charts for Monday’s trade?

economictimes.indiatimes.com:

Sectorally, buying was seen in utilities, power, realty, and public sector stocks while selling was seen in IT, banks and oil & gas. Stocks that were in focus include names like Intellect Design Arena which rose by about 20%, Ajanta Pharma gained more than 4% and NCC closed with gains of over 7% to a fresh 52-week high 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 on how one should look at these stocks the next trading day entirely from an educational point of view:

Breakout Stocks: How Jyothy Labs, TVS Motor and TaMo are looking on charts for Wednesday’s trade

Analyst: Viraj Vyas CMT, CFTe |Technical & Derivatives Analyst| Institutional Equity, Ashika Stock Broking LimitedIntellect Design Arena: The stock has been a relative underperformer in the IT sector and witnessed a strong correction since 2022. However, it exhibits a promising chart pattern called the «Rounding Bottom» on the daily charts. The «Rounding Bottom» pattern suggests a potential reversal of the downtrend and the formation of a base for an uptrend. To confirm this pattern, the stock needs to break above the critical resistance at 690-700 levels. If it successfully breaks above this resistance zone, it could trigger a stronger rally, propelling the stock toward the 800-850 zone, offering significant upside potential for investors and traders.

Stock Radar: Tata Steel breaks out of downward sloping trendline; likely to hit fresh 52-week high soon

To manage associated risks, setting a protective stop at 650 would be prudent, insulating against adverse down moves while benefiting from the stock's potential upward