Technical Breakout Stocks: How to trade Century Textiles, L&T, and ABB India on Monday
Sectorally, buying was seen in power, capital goods, the public sector, and utilities.
Stocks that were in focus included names like Century Textiles, which was up more than 8%, L&T, which closed with gains of nearly 2% to hit a fresh record high and ABB India which rose another 1% to hit a fresh record high on Thursday.
The Indian market was shut on Friday on account of a public holiday.
“The equity markets closed the short trading week on a positive note. The equity markets remained well supported by the positive developments on the economic performance, such as the Current Account Deficit (CAD),” Dr Joseph Thomas, Head of Research, Emkay Wealth Management, said.
“Going ahead, the performance may remain closely linked to the economic performance, as there have been some concerns being raised with regards to the valuations,” he said.
We have collated a list of three stocks that either hit a fresh 52-week highs, 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: Priyanka Limaye, CA, CMT
Century Textiles
This stock has been consolidating for the past 2-3 months now in the zone of Rs 1,350-1,600 and is now breaking out from the same zone. It is expected to test Rs 1,850+ levels.
L&T
This stock is breaking out from a bullish pattern with good volumes and is expected to test Rs 4,000+ in the coming days.
ABB India
This stock has near-term resistance around Rs
