Breakout Stocks: How Mazagon Dock, Bharat Dynamics and Polycab are looking on charts for Wednesday

economictimes.indiatimes.com:

Sector-wise, buying was seen in telecom, capital goods, consumer durables, and power stocks while selling was visible in metals and banks. Stocks that were in focus on Tuesday include Mazagon Dock Shipbuilders (which was up 10%), Bharat Dynamics (which saw a spike of nearly 14%) and Polycab India (which closed with gains of over 6%). 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 Sunil Gurjar about how one should look at these stocks the next trading day entirely from an educational point of view:Here’s what the Founder of Chartmojo has to say:Mazagon Dock Mazagon Dock has been a very strong performer since July 2022. We can notice that the stock has made trend continuation patterns in bullish basing continuation forms on the weekly time frame. The volume participation also looks very strong, which indicates strong buying interest from big players in the market.

The counter is also trading above the long-term moving average (40-WEMA). One can look for a long opportunity at the current levels and the breakout candle's low will act as a strong invalidation level on the way down. One should remember that the current breakout has occurred with a bullish candlestick pattern named as bullish Marubozu (it's a Japanese term), which also indicates a potential upside in the days to come.Bharat Dynamics The counter has been going through a strong uptrend in the rising channel and giving us a positive indication.