Tech Breakout Stocks: How to Trade Vedanta, Petronet LNG and Indigo on Friday?
The S&P BSE Sensex hit an all-time high of 75,105 in today’s trade, while Nifty50 crossed above 22700 and hit a high of 22,775.
By sector, buying was seen in oil and gas, energy, metals, public sector and FMCG, while autos and utilities saw some profit-taking.
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: Priyanka Limaye, California, CMT
Vedanta
This stock has been showing strong bullish momentum with strong trading volume over the past few days. On the daily chart, there is a gap between 372 and 392, and on the weekly chart, it is a breakout of the copybook-style ‘W’ pattern.
If the stock clears and remains above 392, the stock is likely to test its life high of 440 in the medium term. The downside is that 340-320 is likely to act as a good support area right now.
PetronetLNG
The stock has been in a consolidation pattern for nearly two months, roughly in the 300-250 area. Wednesday saw a huge rally, setting massive records on the daily charts.
A test of the 350 level is expected soon, and a decline towards the 290 level could be used as a buying opportunity at the 280 level.
interglobe airlines
This stock is in a bull market and has been surging for months. The weekly relative strength index (RSI) is in bullish territory.
In the short term, it is expected to test 4050-4100, a minor technical hurdle. If the stock price stays above 4050-4100, it may reach the 5000 level. On the downside, 3400-3300 is likely to serve as a strong support line.
(Disclaimer: Expert recommendations, suggestions, views and opinions are their own and do not represent the views of The Economic Times.)
