Technical Analysis: Technical Breakout Stocks: How to Trade IRFC, Macrotech Developers and Firstsource Solutions on Monday?
By industry, buying occurred in IT, real estate, oil and gas, and public sectors, while selling occurred in healthcare, utility, and automobile stocks.
Stocks in focus include names like IRFC, up more than 6% on Friday, Macrotech Developers, up nearly 7%, and Firstsource Solutions, up more than 10%.
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
IRFC:
IRFC appears to be breaking out of its resistance zone on the daily time frame and hitting a new all-time high, with a bullish candlestick above average trading volume. I recommend buying with a stop loss of 99 and a target on the dip around 106-107. 118 as the stock is trading above the all important EMA.
Macrotech Developer Company:
Macrotech Developers Ltd (Lodha) appears to be breaking out of a bullish candlestick and uptrending parallel channel pattern with above average volume on weekly time frames.
Additionally, the stock appears to be trading above all important EMAs and hence, a buy is recommended on the dip towards 1150 with a stop loss of 1040 and target of Rs 1350.
Firstsource Solutions Company:
Firstsource Solutions Ltd appears to be breaking away from a rounding bottom formation during monthly periods with above-average trading volumes.
A breakout is confirmed after the monthly close of stocks above 203. You can enter the stock after the January monthly close with a stop loss below 189 and a target of 250.
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own and do not represent the views of The Economic Times.)
