Breakout Stocks: How to trade Zensar, Coforge, FACT on Monday
Given the positive global and domestic set-up analysts believe positive momentum will continue with some consolidation in the second half of the week.
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 analysts on how one should look at these stocks the next trading day entirely from an educational point of view: Analyst: Mitesh Karwa, Research Analyst Bonanza Portfolio
Zensar Technologies
Zensar Technologies is seen to be breaking out of a rounding bottom formation on the weekly timeframe with a bullish candlestick and above-average volumes which indicates bullish strength, adding to it, the stock is making higher high and higher lows and is trading above all its important EMAs.
New buying can be initiated with a stoploss of Rs 550 on a daily closing basis with a target of Rs 700.
Coforge
Coforge is seen to be breaking out of a bullish formation with above-average volumes on the weekly timeframe and closing with a bullish candlestick. The trend is positive and buying can be initiated on dips towards 6350 in stock with stop loss of 6080 on daily closing basis and target of 6800.
FACT
Fertilizer and Chemical Travancore is seen to be making higher highs on the weekly timeframe but currently the stock is in a no trading zone as the stock has made two consecutive candles with big wicks on the weekly timeframe and the RSI indicator is also indicating that the stock is overbought, buying is recommended only above Rs 830 with stoploss of Rs 790 and target of Rs 900.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.
