Tech Breakout Stocks: How to Trade KEC International, DMart and JSW Energy on Friday
By sector, buying pressure was seen in IT, consumer durables, utilities, and banks, while selling pressure was seen in oil & gas, energy, and public sector stocks.
Stocks in focus include KEC International, which rose more than 5%, D-Mart, which closed up more than 4%, and JSW Energy, which trimmed gains after hitting record highs but ended with a positive bias on Thursday.
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.
Sanket Thakar (CMT), founder and analyst at Alpha Bot Capital, says:
Korea Expressway Corporation
KEC International reached a 52-week high, but encountered resistance from the intraday chart trend line from the point where the profit was recorded.
The intraday trend is currently in a sideways range with resistance at 830 and the nearest support at 750. The overall trend, month by month and week by week, remains upward.
ETMarkets.comDmart
DMart has shown steady gains in both intraday and position time frames. Thursday’s gap-up opening was accompanied by a breakout.
The stock’s next major resistance is placed at 4,764 and 4,864 over the next few days. The support level below is the trendline level at 4,514.
ETMarkets.comJSW Energy
JSW Energy broke a high energy high on Thursday, rising to an all-time high. The intraday chart also witnessed a major breakout showing more strength to the current uptrend.
The expected near-term upward resistance levels are 616 and 640, while downward support lies in the trendline area at 550.
ETMarkets.com(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own and do not represent the views of The Economic Times.)
