Breakout Stocks: How Blue Star, SJVN and Alembic Pharma are looking on charts for Thursday’s trade
Sector-wise, selling was seen in metals, realty, banks, and telecom while buying in utilities and power stocks.
Stocks that were in focus on Wednesday include names like Blue Star that gained over 13% to hit a new high, SJVN that rose nearly 7%, and Alembic Pharma which hit a fresh 52-week high, pared gains and closed with a loss of over 1%.
We have collated a list of these three stocks that have either hit a fresh 52-week high, or all-time high or saw a volume or a price breakout.
We spoke to analyst Sanket Thakar on how one should look at these stocks the next trading day entirely from an educational point of view:
Here’s what the CMT and founder of Alpha Bot Capital has to say:
Blue Star
Blue Star has witnessed a strong breakout from the resistance level of Rs 835 and has directly reached the resistance level of Rs 915 with a huge volume spike.
Though it is at an all-time high level, there are multiple resistances on top like Trendline, overbought RSI & extensions.
If the stock fails to continue to hold above Rs 915, it will reverse to the level of Rs 845 on the downside. For it to continue the uptrend, it must break the resistance of Rs 945 on the closing basis, which will lead it to Rs 1003 & Rs 1044 levels.
In the current scenario, profit booking looks like the best option and fresh long can only be created above the resistance break.
SJVN SJVN has recently completed its Flag breakout rally after going into all-time high levels.
The overall trend remains bullish but for short-term traders, fresh long entries at the current spot look unfavorable because the risk is high compared to the reward.
This is because of overbought RSI and extension resistance. Planning exit on longs looks like a better decision here at two
