Breakout Stocks: How are Mastek, JBM Auto and CE Info Systems looking on charts for Monday’s trade?
Sectorally, buying was seen in IT, metal, realty, and telecom stocks while selling was seen in consumer durables, and power stocks. Stocks that were in focus include names like Mastek which was up over 9%, JBM Auto rallied more than 11% and CE Info Systems closed with gains of over 6% 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: Analyst: CA Bijay Kumar Sharma, SEBI RA, Regn No – INH000011282Mastek– CMP Rs 2167 The stock falls in the IT category and has a sector tailwind with it.
Mastek is on the verge of giving a breakout from Aug '22 levels of 2200. A close above 2200 on a daily time frame will open up 2350 and 2600 also in the stock on a larger time frame. The only caveat to this rally will be the upcoming quarterly results.
The whole IT sector is running on the expectation of a rate pause and inflation cooling off in the USA. Anyone holding the stock can ride the trend with a stop loss at 1950 levels and for new entry wait for a small pullback around 2100 zone.JBM Auto – CMP – Rs 1466JBM Auto Ltd is one of the prominent Auto Ancillary listed stocks and the stock was up 11% today on the news of getting huge orders for supply of Electric Buses. The EV sector is the buzzword in the market and the stock looks good to ripe the upcoming EV boom.
The stock hit a 52-week high on Friday at Rs 1539 and cooled off a bit to close at 1466. For any new investment, it is advisable to wait for the daily close above the 1550 zone and in that case, the stop loss will be Rs 1390. The stock falls in the high beta category and gives wild
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