Technical Breakout Stocks: How to Trade Colgate-Palmolive, HUL and UPL on Friday
The Nifty50 index closed 148 points higher at 22,146, while the S&P BSE Sensex closed 335 points higher at 73,097.
By industry, there was a buying trend in telecommunications stocks, utility stocks, oil and gas stocks, and power stocks, while a selling trend occurred in banking stocks.
Stocks in focus include Colgate-Palmolive India, which closed up more than 4% to hit a new record, HUL and UPL, which clawed back losses after hitting a 52-week low to close up nearly 1%. It closed up more than 2% after hitting a 52-week low 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 standpoint. Analyst Sanket Thakar, CMT and founder of Alpha Bot Capital, said:
their
HUL’s short-term and medium-term trends continue to trend downward. On the intraday chart, immediate upward resistance remains at the upper trend line at the 2,375 and 2,400 levels.
It is expected to drop further to the nearest expansion level of 2,276 in the near future.
Image 1
UPL
UPL has been declining sharply for some time now on both larger and shorter time frames.
Currently on the 60-minute chart, UPL is analyzed in a symmetrical triangle pattern targeting downside extension targets at the 444 and 432 levels. Upward resistance is at the 480 level.
Colgate-Palmolive India
Colgate-Palmolive India touched a 52-week high on Thursday but failed to close above resistance on the intraday chart.
The overall trend is still positive, but only after the trend line is broken can new buying occur and push up to the 2,786 level. The support level below is at the lower trend line around the 2,540 level.
(Disclaimer: Expert recommendations, suggestions, views and opinions are their own and do not represent the views of The Economic Times.)
