Breakout Stocks: How to trade GAIL India, Metro Brands and BSE on Friday
BSE Sensex rose nearly 100 points while the Nifty50 closed above 20,100 levels.
Sectorally, buying was seen in healthcare, consumer durables, realty and capital goods stocks while utilities and banks saw some selling pressure.
Stocks that were in focus include names like Gail India which was up more than 4%, Metro Brands closed with gains of over 2% to hit a fresh high and BSE which rose more than 2% to a fresh high on Thursday.
We have collated a list of three stocks that either hit a fresh 52-week high, or an 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:
Here’s what analyst Kush Ghodasara, CMT, SEBI RA: INH000002137 had to say:
GAIL India
The stock saw some enormous volume on Thursday and has managed to cross and close above 131, which was acting as strong support for the last few weeks.
Technical indicators have not yet arrived at the overbought zone, which signals a fresh buy with trailing stop loss at Rs 126 for a target of Rs 143.
Metro Brands
The stock has been in a dream run as it is trading with support of 5 & 10 day average which is at Rs 1310 as now.
On Thursday, we saw an inverted hammer kind of pattern and a new high, which suggests a trend reversal is in place if the next support is breached.
Traders can avoid fresh positions but keep a strict stop loss for existing longs at Rs 1310.
BSE Ltd
The stock has been trading around the 10-Day average since the low in April 2023 at RS 450.
The dream run seems to move further as indicators RSI and MACD have given internal positive crossover.
The stock can be bought for 3 weeks holding with a trailing stop loss at Rs 2262
