Breakout Stocks: How are Tata Tele, Paytm, and Alembic Pharma looking on charts for Friday

The Indian markets snapped a 4-day winning streak to close in the red on Thursday amid cautious RBI policy.

The S&P BSE Sensex fell nearly 300 points, while the Nifty50 failed to hold on to 18,700 levels.

Sectorally, buying was seen in power, utilities, capital goods, and metals, while selling was seen in realty, telecom, auto, and healthcare stocks.

Stocks that were in focus included names like Tata Tele, which rose nearly 15%, Paytm or One 97 Communications, which closed with gains of over 6%, and Alembic Pharma which rose more than 5% with strong volumes on Thursday.

We have collated a list of three stocks that either hit a fresh 52-week high or saw a volume or a price breakout.

We spoke to a trader about how one should look at these stocks the next trading day entirely from an educational point of view:
Analyst: Swapnil Kommawar, independent stock market analyst

Tata Teleservices: Inside Bar Breakout
In the monthly time frame, it has given an Inside Bar breakout with good volumes and if we see June month till date the candle is the Marubozu candle.

February month high of 83 will act as an immediate resistance zone. March low of Rs 49 is a strong support zone as per monthly time frames.


Paytm: "W" pattern formation
On a monthly time frame, the last 7 candles are green more of a "W" pattern formation. The Rs 790 level is a strong resistance zone.

Once closed above the Rs 790 zone we can see the next resistance zone around Rs 920 levels. Rs 620 levels will act as a support zone for this.


Alembic Pharma: Small wick large body
The current zone Rs 590 level is testing the same levels for the 4th time and there is volume support in the current scenario. (Small wick, large body).

Rs 615-620 levels are the resistance zone for it. As a trader, one should look into it for positions only above 620 levels.

The resistance zone is around 800 levels which will act as a target. Rs 540 zone is the support zone which one can consider as a stop loss level.


Analyst Disclaimer: I'm not a SEBI registered advisor, please consult your financial advisor before investing any money. All of the above observations are shared for educational purposes only. Views mentioned are of the Analyst.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)