Technical Breakout Stocks: How to trade Raymond, Avanti Feeds and Sobha on Monday?
Indian market closed in the green on Friday for the third consecutive day in a row.
The S&P BSE Sensex rose more than 1,600 points while the Nifty50 closed just a shade below 23,300 levels.
Sectorally, buying was seen in AU Small Finance Bank, Axis Bank, SBI and Bandhan Bank.
Stocks that were in focus include names like Raymond rose more than 7%, Avanti Feeds closed with gains of nearly 9% to hit a fresh record high, and Sobha closed 7% higher to hit a fresh high on Friday.
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: Kunal Kamble, Sr. Technical Research Analyst at Bonanza Portfolio Ltd
Raymond Ltd:
On the daily time frame, Raymond has given a breakout of Pennant Pattern on the upside which indicates continuation in uptrend. The volume increase supports the price action, indicating buyers are keen to buy the security at the current price.
The stock price is trading above its 50 and 200-EMA indicating an uptrend. On the directional front DI+ is trading above DI- indicating uptrend whereas ADX trading above DI- indicates strength in the upmove.
Avanti Feeds
A Head & shoulder breakout was witnessed in Avanti Feeds and a throwback towards the breakout level was seen. The security has started moving in the northern direction again indicating a continuation in trend after a throwback.
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