Technical Breakout Stocks: How to trade Alok Industries, Sun Pharma and Endurance Technologies on Monday
However, on a weekly basis, Nifty50 closed flat with a negative bias for the week ending January 5, 2024.
Sectorally, buying was seen in IT, capital goods, telecom, and realty, while selling was seen in healthcare, consumer durables, metal, and utilities.
Stocks that were in focus include names like Alok Industries which was up nearly 20%, Sun Pharma, which rose more than 9% to hit a fresh high, and Endurance Technologies, which closed with gains of nearly 10% to hit a fresh all-time high on Friday.
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: Virat Jagad, Technical Analyst at Bonanza Portfolio
Alok Industries
A breakout of the rounding bottom has been witnessed in Alok Industries on a weekly time frame, indicating a bullish trend in the security.
The price is trading at the top, forming a Bullish Marubozu candlestick formation as a sign of strength in the stock.
The security has been supported by the 21-day EMA, and the price is trading above the Fast 50 and Slow 200 EMAs, indicating a positive trend. The volume increase on the day of the breakout indicates that buyers are active in the market.
In the momentum area, RSI is trading in a wider range, indicating that it's an upward trend.
