Technical Breakout Stocks: Data Patterns and Finolex Industries could give 11-18% return in short term
The S&P BSE Sensex rose over 100 points, while the Nifty50 closed above 22,400 levels.
Sectorally, buying was seen in the public sector, metal, healthcare, and capital goods indices, while selling was seen in the IT and telecom space.
Stocks that were in focus include names like Aegis Logistics, which rose over 12% to hit a fresh record high, Data Patterns, which closed with gains of more than 6%, and Finolex Industries, which gained over 7% to hit a fresh high on Wednesday.
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:
Analyst: Ankit Choudhary Co-Founder, Financial Independence Services, SEBI Registered Investment Advisors, Registration Number — INA100008939.
Data Patterns: Buy | LTP: Rs 3,063 | Target: Rs 3,400| Upside: 11%
The stock has given a Cup & Handle breakout on the daily charts and can be bought at current levels for targets of Rs 3,400. A stop loss can be placed below Rs 2,639.
The stock has a Relative Strength Index (RSI) above 60 on the Daily/Monthly and weekly time frame — so it can be a high probability trade.
Finolex Industries: Buy | LTP: Rs 274 | Target: Rs 325 | Upside: 18%
The stock has given a Cup & Handle breakout on the monthly charts and can be bought at above Rs 275 by aggressive traders for a target of Rs 325, and a stop loss can be placed below Rs 229.
Safe traders
