Breakout Stocks: How Metro Brands, Chalet Hotels and Vedanta are looking on charts for Wednesday’s trade
Sectorally, buying was seen in capital goods, consumer durables, and realty stocks while oil & gas, auto, energy, and power stocks saw some selling.
Stocks that were in focus include names like Metro Brands that rose more than 12%, Chalet Hotels that gained over 2% and Vedanta that closed with gains of nearly 4% on Tuesday.
We have collated a list of these 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 analyst Ankit Choudhary on how one should look at these stocks the next trading day entirely from an educational point of view.
Here’s what the Co-Founder of Financial Independence Services, (SEBI Registered Investment Advisors, Registration Number — INA100008939) has to say:
Metro Brands
Metro Brands made a high of Rs 1298.8 on Tuesday but closed at around Rs 1265. It has given a huge breakout with strong volumes on daily, weekly, and monthly charts.
It is forming a Pole & Flag Pattern on the hourly charts with RSI cooling off to Rs 70 levels.
One can consider taking fresh positions above Rs 1300 with a stop loss of Rs 1234 for a target of Rs 1364 and target 2 of Rs 1450.
Chalet Hotels
Chalet Hotels gave a good breakout on daily and weekly charts on Tuesday but could not sustain the gains and faced some resistance around Rs 595-600 levels.
With the World Cup, festivals, and marriage season around the corner, all hotel stocks are expected to post good results in the coming quarters.
If the stock is able to sustain above the Rs 600 level, one can take fresh positions for the first target of Rs 660, and a target 2 of Rs 720. A stop loss can be placed below Rs 539.
It is forming a Pole and Flag pattern on the weekly timeframe. We could name it
