Technical Breakout Stocks: How to trade PNC Infratech, BEML and IRB Infrastructure on Thursday

economictimes.indiatimes.com:

market closed in the green on Wednesday. The S&P BSE Sensex rose 267 points while the Nifty50 closed just below 22,600 levels.

Sectorally, buying was seen in utilities, energy, FMCG and realty while selling was seen in metal, banks, consumer durables and oil & gas stocks.

Stocks that were in focus include names like PNC Infratech which was up over 13% to hit a fresh record high, BEML rose nearly 9% and IRB Infrastructure closed with gains of nearly 6% on Wednesday.

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.

Here’s what analyst Priyanka Limaye (CA, CMT) had to say:

PNC Infratech: CMP 517.60

This stock has given a breakout from a Small Rounding pattern. The Relative Strength Index (RSI) is in a super bullish zone.

MACD has given a positive crossover. Volumes are also good. The stock is likely to touch targets of 580 and 680 in the short- to medium-term. On the downside, 460-430 levels are likely to act as a crucial support zone.

BEML: CMP 4,559

This stock has given a breakout from a U-shaped pattern after almost 3 months of consolidation. The RSI is in a super bullish zone.

Indicators like Stochastic and MACD are positive, and the volume also looks very good. It is possible for the stock to hit targets of 5,500 and 5,850 in the short to medium term. The support zone stands at 4200-3950.

IRB