Technical Breakout Stocks: How to trade Network18, Cochin Shipyard and GlaxoSmithKline Pharmaceuticals on Thursday
Sectorally, buying was seen in consumer durables, infrastructure, healthcare, IT and metal stocks while public sector, oil & gas, FMCG and utilities saw some selling pressure.
Stocks that were in focus on Wednesday include names like Network18 Media & Investment, which was up 20%, Cochin Shipyard which hit a fresh record high and closed with gains of 20% and GlaxoSmithKline Pharmaceuticals which rose more than 5%.
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 Anand James, chief market strategist, Geojit Financial Services, had to say:
Network18 (52-week high)
On Wednesday, we have probably achieved the rounding bottom pattern’s objective fully, but the pattern as such is suggestive towards further strength, allowing us to expect an extended uptrend.
Further, the last three month’s average daily volumes have seen a rise, with intermittent spikes in between, which are classic to underlying strength.
These factors encourage us to project the upwards trajectory to 136 or Rs 170. Downside markers may be placed near the neckline region of 88-81.
Cochin Shipyard (All-Time High)
The previous peak of September 2023 had many marks of top, but the underlying bullishness of the counter has enabled it to rise swiftly from a 30% fall and beat the top by a big margin. We are now above 800 and well set for 925.
We would like to play this only as a downside marker at 702, the PSAR support that could act as a reversal point.
Especially, in order to ensure that Wednesday’s enthusiastic rise is not
