Sectorally, buying was seen in banks, PSU, energy and healthcare stocks while metal and smallcap stocks saw some selling.
Stocks that were in focus on Tuesday include names like Reliance Industries which hit a fresh record high and Rs 20 lakh-crore market capitalisation mark in intraday trade. However, the stock pared gains and closed 0.9% higher at Rs 2,928.
Also Read: Reliance Industries becomes first Indian stock to cross Rs 20 lakh crore market cap
Other stocks to hit fresh highs were OFSS which closed with gains of nearly 7% and HDFC Asset Management Company which rose over 3% to hit a 52-week high.
We have collated a list of three stocks that either hit a fresh 52-week high, or 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.
Reliance Industries stock has been a marked outperformer in the recent past but we notice a Rising Wedge pattern forming near the life highs.
Generally, such patterns are scary and are considered as a sign of reversal on breakout but could also fail, too. The stock price is also showing a slight negative divergence where the price has been rising but the RSI (momentum) is declining.
Secondly, even the volumes are on a decreasing trend in the last few sessions. Therefore, we recommend that investors/traders should avoid fresh longs but keep trailing stop