Technical Breakout Stocks: How to trade JK Paper, Endurance Technologies and KEC International on Tuesday?
Sensex rose more than 180 points while the Nifty50 closed above 23,400 levels.
Sectorally, buying was seen in auto, telecom, consumer durable, and capital goods stocks while selling was seen in IT stocks.
Stocks that were in focus include names like JK Paper which rose nearly 10% to hit a fresh record high, Endurance Technologies closed with gains of nearly 6% while KEC International rose more than 7% to hit a fresh high of Friday.
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: Virat Jagad Technical Analyst Bonanza Portfolio Ltd
JK Paper Ltd: Buy
JK Paper Ltd has established a strong resistance zone between 440 and 450 on its daily chart, witnessing active buying and driving the stock upward.
The recent positive price movements indicate buyer dominance, breaking through a rounding bottom formation. Following a throwback, the stock has resumed its positive trajectory, suggesting further potential for upward movement.
Additionally, trading above key moving averages supports the notion of a bullish trend. The DMI+ surpassing DMI- affirms positive momentum, while the ADX, positioned above DMI-, underscores the robust underlying strength in the ongoing upward trend.
Collectively, these indicators signal a favorable outlook for JK Paper Ltd. where it can continue its positivity till 570 level
