Breakout Stocks: How Syngene International, Petronet LNG and Castrol India are looking on charts for Thursday’s trade
Sectorally, buying was seen in telecom, FMCG, consumer durables, and oil & gas while realty, metal, and public sector stocks saw heavy selling.
Stocks that were in focus on Wednesday include names like Syngene International (up over 4%), Petronet LNG (closed with gains of nearly 7%), and Castrol India (rose more than 4% to hit a fresh all-time 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 price breakout.
We spoke to analyst Sunil Gurjar on 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 (author, CFTe, CMT Level 3 Cleared) had to say:
Castrol India
The stock is looking good on the charts and formed a trend reversal pattern called Ascending Triangle Reversal. The counter is also supported by volume buildup.
The stock has also given a breakout from stage 2 and is trading above the 30-Week Moving Average, which we use for filtering out uptrend in the stock.
The view will be invalid below the low of the pattern breakout candle and, on the way up, the stock should breach the all-time high (ATH) which is pegged at 196.
Petronet LNG
Petronet has been faring well and has been trading in a strong uptrend.
From the Elliott Wave perspective, the stock seems to have completed wave 4 and is aiming for wave 5, up to a larger degree wave (3). The view will be invalid below the recent swing low, which is pegged at Rs 211.
If you look at the counter from the classical perspective, the stock is forming a trend continuation pattern named as ascending triangle and should make its way higher.
Syngene International
The counter is looking very strong and is trading in a very
