Indian market bounced back after falling for 3 consecutive days on Friday. The S&P BSE Sensex rose nearly 500 points while the Nifty50 managed to close above 19500 levels.
Sectorally, buying was seen in IT, telecom, energy and realty stocks while some selling was seen in public sector, auto, power and utilities.
Stocks that were in focus include names like Cipla which hit a record high and closed with gains of nearly 4%, Zomato rallied over 10% and Info Edge closed with gains of nearly 8% with a rise in volumes on Friday.
We have collated a list of three stocks that either hit a fresh 52-week high or saw a volume or a price breakout.
We spoke to a trader on how one should look at these stocks the next trading day entirely from an educational point of view:
Info Edge: Naukri is in a healthy uptrend with a higher high & higher low intact. Counter gave a reversal with a bullish open Maruboozu candle indicating a solid reversal. Aggressive traders can add new positions.
Zomato: Zomato looks good, but one can wait for 100 level to get cleared out. The chart structure is positive with a good volume spurt on the recent candle.Traders who are already holding counter can keep on trailing stop loss to the previous swing low of around 80.
Cipla: Cipla gave a fresh all-time high breakout with good volume action. One can add or can make fresh long with stop loss at the swing low of 1150.
Analyst Disclaimer: I’m not a SEBI registered advisor, please consult your financial advisor before investing any money. All of the above observations are shared for educational purposes only. Views mentioned are of the Analyst.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)