Technical Breakout Stocks: How to trade HDFC Bank, Glenmark Life and Federal Bank on Thursday?

Sectorally, buying was seen in telecom, PSU and banks while selling was seen in Oil & Gas stocks.

Stocks that hit fresh record highs include names like HDFC Bank which was up more than 2%, Glenmark Life Sciences closed with gains of over 4% and The Federal Bank rose more than 3% to hit fresh record highs on Wednesday.

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: Ankit Choudhary Co-Founder, Financial Independence Services, SEBI Registered Investment Advisors, Registration Number - INA100008939.

It has given a breakout on the daily, weekly, and monthly charts. The stock is looking good for a target of 2000 in this financial year.

One can take fresh entry in this gem by following a buy on dips approach as the stock could retrace to 1750 to 1735 levels. It will try and fill the gap in the daily timeframe. If the stock remains above 1800, fresh positions could be made with SL of 1674.

Disclaimer – Our clients were carrying multiple lots of HDFC BANK as BTST yesterday and we booked awesome gains today morning at opening as markets sell on news and buy as per technical pattern.

The stock has given a breakout above 180 levels. If it is able to sustain above 180, we could see a target of 200. It has good support around 170-175 levels. Traders can buy on dips with a stop loss below 159.

Disclaimer – It was shared as an intraday call, and we booked decent gains today.

The stock has given a good breakout on the monthly time frame after a consolidation of 5 months. Fresh entry can be made around 900 levels with a stop loss below 749 for a target of Rs 1100.


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