Technical Breakout Stocks: How to trade Garden Reach Shipbuilders, Cochin Shipyard and RVNL on Friday

economictimes.indiatimes.com:

Indian market hit a fresh record high on Thursday amid short covering following RBI’s record dividend payout to the government that could lead to better fiscal position and softer bond yields.

The S&P BSE Sensex rose nearly 1,200 points to hit a record high of 75,499 while the Nifty50 closed at 22,967.

“There was enthusiasm in the equity market after the RBI approved a Rs 2.1 lakh crore dividend to the government,” says Neeraj Chadawar, Head – Fundamental and Quantitative Research at Axis Securities.

“This indicates a better fiscal position and softer bond yields going forward. As a result of this positive move, we are seeing some short covering in the market,” he said.

Sectorally, buying was seen in banks, capital goods, auto and consumer durables while marginal selling was seen in healthcare and metal stocks.

Stocks that hit a fresh record high include names like Garden Reach Shipbuilders and Engineers Ltd which was up nearly 20%, Cochin Shipyard rose over 16% and RVNL closed with gains of nearly 9% 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 Sanket Thakar (CMT, Founder- Alpha Bot Capital) had to say:

Cochin Shipyard

The stock has entered its all-time high level just a few days after the breakout from its rising channel pattern.

The intraday target has