Breakout Stocks: How Tanla Platforms and Tejas Networks are looking on charts for Friday’s trade

economictimes.indiatimes.com:

Stocks that were in focus on Thursday include names like Zomato (which rose more than 6%), Tanla Platforms (that gained more than 4%) and Tejas Networks (that hit a fresh 52-week high, gaining more than 11%). We have collated a list of three stocks that either hit a fresh 52-week high or saw a volume or a price breakout. We spoke to analyst Viraj Vyas CMT on how one should look at these stocks the next trading day entirely from an educational point of view.Here’s what Viraj Vyas CMT, CFTe (Technical & Derivatives Analyst) Institutional Equity, Ashika Stock Broking Limited has to say: Zomato Zomato, which has been in a downtrend since November 2021, recently showed signs of a potential reversal.

The stock has been consolidating within a wide range of 75-50, with higher volume participation during the lowest points. In July 2023, the stock broke out of this 14-month consolidation base, accompanied by strong volumes. The price action on Thursday further supported the bullish momentum.

The consolidation pattern resembles an Ascending Triangle, with key support seen at 72 levels. If the stock can maintain this momentum and sustain above the key support level, it is expected to test the 100-110 range in the coming weeks. However, it is important to closely monitor the stock's performance and volume patterns to ensure the sustainability of the breakout.