Breakout Stocks: How PCBL, TVS Motor and Nippon Life are looking on chart for Friday’s trade
Sectorally, buying was seen in oil & gas, energy, metal, and auto stocks while IT, realty, and capital goods stocks saw some selling.
Stocks that were in focus on Thursday include names like PCBL (which rose nearly 4%), TVS Motor Company (which closed with gains of about 3%) and Nippon Life Asset Manager (which was up more than 8%).
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:
Viraj Vyas CMT, CFTe |Technical & Derivatives Analyst| Institutional Equity, Ashika Stock Broking Limited:
PCBL (All Time):
The stock, a major player in the specialty chemicals sector, underwent an extensive period of price and time correction starting in 2018.
Notably, the stock has formed a Cup and Handle pattern, and the breakout occurred in June.
The stock is currently on an upward trajectory, and when a breakout follows from such a substantial base, it often leads to powerful trending movements.
The stock is anticipated to reach levels around Rs 240-245, with a significant support level observed at Rs 190.
TVS Motor (All Time)
The stock has displayed impressive performance since the beginning of 2022, and it is currently trading near its all-time highs. This boost is attributed to robust sales figures and the festive season, which traditionally favors the auto sector.
The stock continues to form a pattern of Higher Highs and Higher Lows, indicating its bullish trajectory.
