Breakout Stocks: How Bajaj Auto, NBCC and Nestle India are looking on charts for Friday’s trade
Sectorally, buying was seen in auto, consumer durables, and FMCG stocks while metal, energy, oil & gas and power stocks saw some selling pressure.
Stocks that were in focus on Thursday include names like Bajaj Auto, which was up more than 6% to hit a fresh all-time high; NBCC India, which gained more than 9%, and Nestle India which rose more than 3%.
We have collated a list of three stocks that either hit a fresh 52-week high, or 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:
Analyst: Vivek Mashrani CFA, Director at Technofunda Ventures Private Limited
Bajaj Auto
Bajaj Auto hit a new all-time high and is trading in an uptrend. It is a good buy from a medium-term perspective as long as the trend is intact.
Fundamentally, the company has been in the limelight with its excellent quarterly result with its quarterly EBITDA surpassing Rs 2,000-crore milestone for the first time.
The September quarter profit increased by 20% on a YoY basis.
Technically, one can ride the uptrend by trailing exit below Rs 5235 for the short term and Rs 4965 for the medium-term position.
NBCC
NBCC has been trading in a good uptrend and formed a new 52-week high on Thursday. Fundamentally, it has received an Rs 80 crore order from Visakhapatnam Port Authority.
Technically, it gave an excellent price-volume base breakout at Rs 55.70 on the weekly charts and it has been seeing strong follow-up moves for the last few weeks.
