Technical Breakout Stocks: How to trade CRISIL, HFCL and EIH Hotels on Wednesday
The Nifty50 index rose 74 points to close at 22,196. It hit a fresh record high of 22,251 intraday. The S&P BSE Sensex rallied more than 300 points.
Sectorally, buying was seen in banks, realty, power and utilities while IT, auto and metal stocks saw some selling pressure.
Stocks that were in focus on Tuesday include names like CRISIL which hit a fresh record high of 5,250. However, the stock pared gains towards the close of the trade. It has rallied more than 20% so far in February.
The CRISIL stock picked up momentum post-December quarter results in which the domestic rating agency reported an over 30% jump in net profit to Rs 210 crore for the December 2023 quarter.
Other stocks that remained in focus include EIH Hotels which also pared gains after hitting a record high and HFCL which closed with gains of nearly 3% on Tuesday.
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.
Here’s what analyst Sanket Thakar, CMT and Founder of Alpha Bot Capital had to say
EIH Hotels
The stock of EIH Hotels has entered its all-time high levels along with a huge volume on Tuesday. But the big volume was followed by a sharp fall in the end.
We witnessed profit booking at higher levels and the stock also closed below the trendline resistance of 425 level.
EIH Hotels has a very high chance of retracing back to its
