Sectorally, buying was seen in banks, PSU, energy and healthcare stocks while metal and smallcap stocks saw some selling.
Stocks that were in focus on Tuesday include names like Reliance Industries which hit a fresh record high and Rs 20 lakh-crore market capitalisation mark in intraday trade. However, the stock pared gains and closed 0.9% higher at Rs 2,928.
Also Read: Reliance Industries becomes first Indian stock to cross Rs 20 lakh crore market cap
Other stocks to hit fresh highs were OFSS which closed with gains of nearly 7% and HDFC Asset Management Company which rose over 3% to hit a 52-week high.
We have collated a list of three stocks that either hit a fresh 52-week high, or all-time high or saw a volume or a price breakout.
We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view.
Here’s what analyst Kush Ghodasara, CMT (SEBI RA : INH000002137), had to say:
Reliance Industries
Reliance Industries stock has been a marked outperformer in the recent past but we notice a Rising Wedge pattern forming near the life highs.Generally, such patterns are scary and are considered as a sign of reversal on breakout but could also fail, too. The stock price is also showing a slight negative divergence where the price has been rising but the RSI (momentum) is declining.
Secondly, even the volumes are on a decreasing trend in the last few sessions. Therefore, we recommend that investors/traders should avoid fresh longs but keep trailing stop loss at Rs 2,880, which is a 10-day average support and pattern breakdown.
HDFC AMC
The stock has been on a dream run since the low formed in November 2023 and it is travelling in an uptrending channel. It has managed to cross over the trend line but it is not sustaining for more than 2 sessions, which is generally a technical confirmation.
Indicators suggest some more short-term buzz as internal crossovers are positive. The stock can be bought with a strict stop loss at Rs 3,596, which is the 10-day average.
ETMarkets.comOFSS
The stock has given a rare bullish pattern breakout which is a Flag pattern. The rally between the two blue lines is termed a Pole while consolidation between green lines (horizontal) can be termed as Flag.
The breakout above the Flag can give a rally equidistance to the pole which means almost 1900 above breakout in this case. Therefore, for medium term, the stock can be bought for a target of Rs 9,000 with a stop loss placed at Rs 7,040 on a closing basis.
ETMarkets.com(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
