Breakout Stocks: How Gujarat Ambuja and Indian Bank are looking on charts for Monday’s trade
Sectorally, buying was seen in the public sector, telecom, auto, and capital goods, while selling was seen in healthcare, consumer durables, and realty stocks.
Stocks that were in focus include names like Gujarat Ambuja, which rose 6%, Berger Paints closed with gains of more than 6% to hit a fresh 52-week high and Indian Bank, which closed with gains of about 4% to hit a fresh record high on Friday.
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: Sunil Gurjar, Founder Chartmojo, Author, CFTe, CMT Level 3
Gujarat Ambuja
The stock has been forming a trend reversal pattern and looking good for an up move. The counter pattern breakout has happened with a good volume spurt which indicates big players are also making positions in the stock.
The pattern breakout candle will act as a support zone on the way down, and on the way up one can see an upmove to 405 levels.
Indian Bank
The counter has been forming an uptrend continuation pattern and looks poised for an upside.
The uptrend is also looking very strong and the same is also supported by great volume buildup.
One can play the move by keeping the breakout pattern candle as stop loss and trail the move using a 9-day exponential moving average.
Analyst Disclaimer: I'm not a SEBI registered advisor, please consult your financial advisor before investing any money. All of the above observations are shared for educational purposes only.
