Technical Breakout Stocks: How to Trade Motilal Oswal, Nippon Life and D-Mart on Monday
By industry, there was a buying trend in consumer durables, metals, and banking, while a selling trend was seen in healthcare, IT, and real estate.
Stocks in focus include names like Motilal Oswal Financial Services, which rose over 7% to hit a record high, Nippon Life India Asset Management rose over 1%, while D-Mart or Avenue Supermart closed up nearly 2% . The 52-week high was broken.
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 perspective.
Analyst: Sanket Thakar, CMT, Founder, Alpha Bot Capital
Motilal Oswal:
Motilal Oswal remained calm and collected even after a panic gap in Nifty on Friday and entered the all-time high with momentum.
Both the intraday and daily charts are in a strong upward trend and are expected to reach the upward resistance level of 2320-2407-2530 soon. Support for the downtrend remains in place in 1955.
Life in Japan:
Nippon Life broke out of a cup and handle pattern on the intraday chart timeframe. The trend remains very bullish and this stock is performing well in terms of relative strength.
Short-term targets for the stock are set at 577-594 & 616 in the coming weeks. The support level below remains at the 513 level.
D Mart:
D-Mart is stable and currently trending upward on an intraday basis on a location basis. The ongoing hurdle is the expansion level of 4864-4991. The support level below is the 4397 level.
(Disclaimer: Expert recommendations, suggestions, views and opinions are their own and do not represent the views of The Economic Times.)