Breakout Stocks: How CEAT, PNC Infratech and IOC are looking on charts for Friday

economictimes.indiatimes.com:

Sector-wise, buying was seen in utilities, realty, oil & gas, and power stocks while some profit booking was seen in the IT space. Stocks that were in focus include names like CEAT, which rallied more than 19%; PNC Infratech gained nearly 5%, and India Oil Corporation that closed with gains of over 3% to hit fresh 52-week highs on Thursday.

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 analyst Kush Ghodasara on how one should look at these stocks the next trading day entirely from an educational point of view:Here’s what Kush Ghodasara, CMT, SEBI RA: INH000002137 has to say:CEAT The stock was in a consolidation zone for almost 5 weeks, but it managed to move out of the Symmetric Triangle pattern on Thursday at Rs 2,088.

The breakout has activated a target of Rs 2,588 based on the pattern. Thursday’s price action was like a dream run where we saw 19% movement in a single day, which suggests traders to remain cautious for any fresh short-term positions.

Indicators are positively placed to hold existing positions for a target of Rs 2,588 in the near future with a trailing stop loss at Rs 2,320.PNC Infratech The stock has managed to break out of a bullish pattern «Cup and Handle» this week above the neckline at Rs 338 with heavy volumes giving more validity to the breakout. The momentum in the stock price is indicated strongly by RSI and MACD, which has confirmed an internal bullish crossover.

Now a short-term investment trade can be taken for the pattern target of Rs 460 with a stop loss at Rs 295.IOC The stock is a low beta stock but on Thursday we saw a huge volume participation, which was almost 2x the daily volume average. The stock has