Sectorally, buying was seen in IT, metal, realty, and telecom stocks while selling was seen in consumer durables, and power stocks.
Stocks that were in focus include names like Mastek which was up over 9%, JBM Auto rallied more than 11% and CE Info Systems closed with gains of over 6% 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:
Analyst: CA Bijay Kumar Sharma, SEBI RA, Regn No – INH000011282
Mastek – CMP Rs 2167
The stock falls in the IT category and has a sector tailwind with it. Mastek is on the verge of giving a breakout from Aug ’22 levels of 2200.
A close above 2200 on a daily time frame will open up 2350 and 2600 also in the stock on a larger time frame. The only caveat to this rally will be the upcoming quarterly results.
The whole IT sector is running on the expectation of a rate pause and inflation cooling off in the USA. Anyone holding the stock can ride the trend with a stop loss at 1950 levels and for new entry wait for a small pullback around 2100 zone.
JBM Auto – CMP – Rs 1466
JBM Auto Ltd is one of the prominent Auto Ancillary listed stocks and the stock was up 11% today on the news of getting huge orders for supply of Electric Buses. The EV sector is the buzzword in the market and the stock looks good to ripe the upcoming EV boom.
The stock hit a 52-week high on Friday at Rs 1539 and cooled off a bit to close at 1466. For any new investment, it is advisable to wait for the daily close above the 1550 zone and in that case, the stop loss will be Rs 1390.
The stock falls in the high beta category and gives wild moves sometimes, so one should account for this volatility while making fresh investments in this stock. For people holding the stock, one can ride the trend with a stop loss at the 1300 level.
ETMarkets.comC E Info System – CMP Rs 1427
CE Info System or Mapmyindia is the homegrown GPS-based maps provider for many industries. The stock is in a consistent uptrend from 1200 levels since 5/7/23. In the last 10 days, the stock ran almost 130 points and looks a bit stretched on a few indicators.
The 52-week high is placed at 1523 and it is only 100 points away, for fresh investment one can buy in tranches around 1450 and 1550 levels with SL at 1300 for fresh investment.
Today the upmove was backed by good volume and hence it is advisable to accumulate the stock in tranches. While for people holding long in the stock, one can ride the trend with SL at 1230.
ETMarkets.com(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
