Breakout Stocks: How SJVN, IRCON International and RVNL are looking on charts for Tuesday’s trade
Sectorally, buying was seen in utilities, telecom, power, and auto stocks.
Stocks that were in focus on Monday include names like SJVN (which rose 20% with strong volumes to hit a fresh record high), IRCON International (that rallied by about 20%), and Rail Vikas Nigam Ltd (that closed with gains of over 16% to a new high).
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 Viraj Vyas on how one should look at these stocks the next trading day entirely from an educational point of view:
Here’s what the CMT, CFTe |Technical & Derivatives Analyst| Institutional Equity, Ashika Stock Broking Limited had to say:
SJVN The stock has delivered exceptional returns since the beginning of this year, with an impressive gain of nearly 120% so far.
Prior to June, the stock was primarily range-bound and exhibited tight consolidation from 2017. During this consolidation phase, the stock formed a Cup and Handle pattern — a typical accumulation pattern.
Such prolonged consolidation periods often precede strong upward movements in stock prices.
