Technical Breakout Stocks: How to trade OFSS, PCBL and Sobha on Friday
Sectorally, buying was seen in telecom, realty, healthcare, and capital goods while some selling was seen in consumer durables, utilities, and power stocks.
Stocks that were in focus include names like OFSS which rallied more than 28% to hit a fresh record high, PCBL gained more than 11% to hit a fresh high, and Sobha Ltd closed with gains of over 11% on Thursday.
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: Riyank Arora, Technical Analyst, Mehta Equities Ltd.
OFSS (6545.50)
The stock broke above all its crucial resistance levels of 5,500 and 5,550, rising nearly 30% in Thursday's trading session, touching the levels of 6,622.80 in a single day on robust Q3 numbers.
Looking at the overall technical structure, going forward, the level of 6,150 should act as a crucial dynamic support level below which the stock can witness some profit booking.
The upside remains open towards 6,750 and 6,800, as the upward trend is likely expected to continue.
PCBL (311.00)
The stock has given a good breakout above its recent resistance level of 290.85 and managed to close well above its entire resistance zone on account of strong Q3 results.
The overall structure continues to remain positive, and the upside should likely extend towards 350 and above, with immediate support near the 295 mark.
SOBHA (1474.95)
The stock has successfully re-tested its breakout level and rose nearly 12% in Thursday's session on a proposal to raise funds via a rights issue.
Looking at the overall technical structure,
