Technical Breakout Stocks: How to trade Exide Industries, Gail India and Aegis Logistics on Thursday
The S&P BSE Sensex fell over 450 points, while the Nifty50 managed to hold on to 22,100 levels.
Sectorally, buying was seen in oil and gas, consumer durables, energy, FMCG, and healthcare stocks, while some selling was seen in IT, banks, and telecom stocks.
Stocks that were in focus include names like Exide Industries, which hit a fresh record high and closed with gains of over 12%, GAIL India, which rose more than 1% to hit a fresh high, and Aegis Logistics, which rose nearly 8% on Tuesday.
Indian market with remain shut on Wednesday on account of a public holiday.
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: Ankit Choudhary Co-Founder, Financial Independence Services, SEBI Registered Investment Advisors, Registration Number — INA100008939.
Exide Industries
The stock has given a big breakout in the monthly/weekly and daily charts. It has given a significant upmove in April as the stock rallied from Rs 310 to Rs 470.
At current levels, we would avoid fresh positions for investors as well as for swing traders as the monthly Relative Strength Index (RSI) has gone above 80.
Existing investors can hold it for long-term wealth generation. Traders can buy Exide Industries above Rs 471 with a stop loss below Rs 459 for a target of Rs 480 and Rs 490, respectively.
Gail India
The stock
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