Breakout Stocks: How Gland Pharma, Caplin Point and HUDCO are looking on charts for Wednesday’s trade

economictimes.indiatimes.com:

Sectorally, buying was seen in consumer durables, public sector, banks, and healthcare stocks, while selling was seen in metals, telecom, and utilities. Stocks that were in action included names like Gland Pharma, which was up 20%, Caplin Point Laboratories, which gained 11%, and HUDCO, which was up more than 6% to hit a fresh 52-week high on Tuesday. 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 about how one should look at these stocks the next trading day entirely from an educational point of view: Analyst: Sanket Thakar, CMT-Founder, Alpha Bot CapitalGland PharmaGland Pharma has been in a prolonged downtrend since August 2021. The current up move is a trend reversal attempt, confirmed after a breakout from the falling channel pattern and 200-Simple Moving Average (SMA). After the sharp reversal, the view on this stock remains bullish and is expected to hit its pattern target of Rs 1,800 very soon.

The resistance zone of the trendline is at Rs 1,900 levels. The support level of this stock is at Rs 1,100 level.Caplin PointCaplin Point is currently in an uptrend, trading inside a broader range of Rs 1150 and 680. The stock is trading at its 52-week highs, but it has currently reached its previous all-time high levels from where it fell down by 44% in August 2021, which can now act as a resistance zone.