Tech Breakout Stocks: How to Trade Raymond, Avanti Feeds and Sobha on Monday?
S&P BSE Sensex rose over 1,600 points, while Nifty50 closed just below the 23,300 level.
By sector, buying was seen in AU Small Finance Bank, Axis Bank, SBI and Bandhan Bank.
Stocks in focus included names like Raymond, up more than 7%, Avanti Feeds, which rose nearly 9% to hit a record high, and Sobha, which rose 7% to hit a record high 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: Kunal Kamble, Senior Technical Research Analyst, Bonanza Portfolio Ltd
Raymond Corporation:
On the daily time frame, Raymond broke the upper pennant pattern, indicating a continuation of the uptrend. Increasing volume supports price action and indicates buyers are willing to purchase the security at the current price. The stock is trading above the 50 and 200-EMA, indicating an upward trend. On the directional front, DI+ is trading above DI-, indicating an uptrend, while ADX is trading above DI-, indicating a strong uptrend.
ETMarkets.comAvanti Feed
A head and shoulders breakout was witnessed at Avanti Feeds, followed by a pullback to the breakout level. The security has started to move in a northerly direction again, indicating that the trend will continue after the pullback.
The price finds support near the baseline and transition lines, indicating a positive trend in the security. The momentum indicator RSI is trading in higher territory, indicating an upward trend for the security.
ETMarkets.comSoba
On the daily time frame, Sobha has breached all-time highs indicating continuation of the upward trend.
Increasing volume is supporting the price action, indicating buyers are willing to purchase the security at the current market price.
On the average front, the price is trading above the 50 and 200 EMAs, indicating an upward trend.
On the directional front, DI+ is trading above DI-, indicating an uptrend, while ADX trading above DI- is indicating a strong uptrend.
ETMarkets.com(Disclaimer: Expert recommendations, suggestions, views and opinions are their own and do not represent the views of The Economic Times.)
