Breakout Stocks: How Titan, Kalyan Jewellers and Sunteck Realty are looking on charts for tomorrow’s trade

economictimes.indiatimes.com:

Sectorally, buying was seen in auto and consumer durable stocks, while selling was visible in utilities, power, FMCG, and realty stocks. Stocks that were in focus include names like Titan Company, which was up more than 1%, Kalyan Jewellers, which rose more than 5% and Sunteck Realty, which closed with gains of nearly 12% on Friday. 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 a trader about how one should look at these stocks the next trading day entirely from an educational point of view: Analyst: Ashish Kyal, CMT, Founder — Waves Strategy Advisors, SEBI Registered Research AnalystTitan CompanyOn the daily timeframe, Titan Company is trading in an upward-sloping channel. After gaining almost 6% in the last few sessions, prices are currently trading near the resistance area of the channel. Let’s take a look at the Relative Strength Index (RSI), which is showing levels of around 83 an overbought zone.

Although the trend of the stock remains on the upside. One can use buy on dips strategy. Any dip towards Rs 3075 can be used as a buying opportunity for the targets of Rs 3175 with a stop loss of Rs 2975 levels.Sunteck Realty: On the daily timeframe, Sunteck Reality was trading in a downtrend since July 2022.

Also, earlier prices which were trading in a downward-sloping channel have finally given a break above it. Prices formed a Double Bottom pattern and have broken the neckline which comes to around 320 levels. The RSI is in an overbought zone.