Breakout Stocks: How Shoppers Stop, Escorts and Mastek are looking on charts for Monday’s trade
Sectorally, buying was seen in telecom stocks while selling was visible in infra, capital goods, realty, and power stocks.
Stocks that were in focus include names like Shoppers Stop which was down more than 12%, Escorts Kubota rose more than 2% to hit a fresh high and Mastek closed with gains of over 4% 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: Hariprasad Kizhakkethara, SEBI Registered RA (INH200009351) and Director of Livelong Wealth.
Shoppers Stop
The stock has been continuously facing strong rejection from the resistance zone of 793-822 since Sept 2022.
Now, it is heading toward its next support which is a support trendline.
The stock is experiencing selling pressure from that zone even it has crossed 50MA in the volumes chart.
Mastek
The stock has given a breakout from the resistance zone of 2111-2174 with a green bullish candle and with good volume also (crossed 50MA on the Volumes chart).
If it sustains above this resistance zone, the rally will take the stock towards Rs 2500 levels as Target 1 and Rs 2914 as Target 2 Price level.
But, if it closes below this zone, then there is a good short-side opportunity for the short sellers to Rs 1522.
Escorts
The stock has been moving in a channel pattern since 2020, and recently it gave a breakout with a green bullish candle along with really good volumes (crossed 50MA on the Volumes chart).
There is a high possibility of an upside rally to Rs 3488 as the Target 1 price level and Rs 3944 is the Target 2 price level.
(Disclaimer:
