Technical Breakout Stocks: How to trade Cochin Shipyard, Capri Global and Hudco on Thursday
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Synopsis
The S&P BSE Sensex plunged over 1600 points while the Nifty50 closed at 21,571, down 460 points on Wednesday. Sectorally, selling was seen in banks, metals, telecom, and realty stocks while the IT space saw some buying.
Sectorally, selling was seen in banks, metals, telecom, and realty stocks while the IT space saw some buying.
Stocks that were in focus on Wednesday include names like Cochin Shipyard which rose over 7% to hit a fresh record high, Capri Global Capital which gained more than 3% and HUDCO which closed with gains of over 4% to hit a fresh high 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 Anand James, chief market strategist at Geojit Financial Services had to say:
Stocks Recommendations
Cochin Shipyard
Having successfully stayed above the said mark, we are well set for the objective of 925 last week.
Capri Global Capital
A shooting star candlestick signals a potential pause in the ongoing uptrend that has returned over 37% gains so far this month alone, not to speak of the stellar returns of last year.
HUDCO
A new peak in the face of a broad market sell-off exudes confidence. However, the close was below Tuesday’s low, suggesting rejection trades, even though not by a big margin.
That volume did not rise, suggesting that this counter was free of all long liquidation pressure that would have otherwise exaggerated the day’s volumes.
However, ROC is continuing to diverge away from the rising price, hinting at exhaustion in uptrend, or a sharp reversal. Towards this end, we would be more comfortable in entering the uptrend on dips to 122-107.
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(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)