Tech Breakout Stocks: How to Trade Tata Investment, ICICI Bank and M&M on Monday?
The S&P BSE Sensex rebounded over 1,200 points to a record high of 73,819, while the Nifty50 rose over 355 points to close at 22,338.
By industry, there was a buying trend in metals, capital goods, banks, automobiles, and consumer durables, while a selling trend was seen in healthcare and IT stocks.
Stocks in focus include Tata Investment, up 5%, ICICI Bank, which hit an all-time high and closed with gains of over 3%, and Mahindra & Mahindra, which closed with gains of over 2% on Friday.
We’ve compiled a list of three stocks that recorded 52-week highs, all-time highs, volume or price breakouts.
We spoke with analysts about how we should view these stocks in the coming trading days, purely from an educational standpoint.
Analyst: Mitesh Karwa, Research Analyst Bonanza Portfolio.
Tata Investment
Tata Investment appears to confirm its bullish outlook, breaking a five-day consolidation on above-average trading volumes and hitting a new all-time high on the daily time frame. Buying can be initiated on the downside around 7500 with a stop loss of 7250. And the goal is 8000 people.
ETMarkets.comICICI Bank
ICICI Bank appears to be breaking out of an upward parallel channel on the daily time frame with a bullish candle and above-average volume. Additionally, the stock is trading above all important EMAs.
Therefore, you can initiate a buy position at the current market price by applying a stop loss of 1040 for a target of 1180.
ETMarkets.comMahindra and Mahindra
Mahindra and Mahindra appear to be breaking out of a bullish formation on weekly time frames, with bullish candles and above-average trading volume. Moreover, the stock is trading above all important EMAs.
So you can open a long position and you should use a buy on dips strategy towards 1940-1950, your stop loss should be 1880 and your target should be 2100.
ETMarkets.com(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own and do not represent the views of The Economic Times.)
