Technical Breakout Stocks: How to trade Olectra Greentech, Birla Corp and JK Lakshmi Cement on Monday?
Sectorally, buying was seen in the bank, consumer durables, healthcare, and FMCG stocks while selling was seen in infrastructure, oil & gas, public sector, and metal stocks.
Stocks that were in focus include names like Olectra Greentech which rose more than 6%, Birla Corporation which closed with gains of 6.5% to a fresh record high and JK Lakshmi Cement pared gains but closed 1% higher to a fresh record high on Friday.
We have collated a list of three stocks that either hit a fresh 52-week high, or 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: Mitesh Karwa, Research Analyst at Bonanza Portfolio Birla Corp
Birla Corp is seen to be breaking out of a rounding bottom formation on the weekly timeframe and making a bullish candlestick with above-average volumes.
Ideal entry should be near support zones of 1,650-1,660 with stop loss of 1,590 and targets of 1,850.
Jk Lakshmi Cement
JK Lakshmi Cement is seen to be breaking out of a resistance zone on the weekly timeframe.
After the breakout from the resistance zone, the stock has become sideways in the last nine weeks. New buying is not recommended at current levels, but existing positions can be held for targets of Rs 1,000.
Olectra Greentech
Olectra Greentech is seen to be making higher highs and higher lows on the daily timeframe with above-average volumes and the stock is also seen to be trading above all its important
