The S&P BSE Sensex fell over 100 points, while the Nifty50 closed below 19,800 levels.
Sectorally, buying was seen in auto, realty, and healthcare stocks while profit-taking was seen in banks, IT, metal, and the public sector.
Stocks that were in focus include names like ITI, which was up by about 20%, HDFC Asset Management Company, which rose more than 3%, and Angel One, which pared gains after hitting an all-time high in trade on Friday to end in the red.
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:
Analyst: Sunil Gurjar, Founder Chartmojo, Author, CFTeITI (All-Time High)
The stock has been going up in great momentum, and on the daily time frame, it seems to be forming up trend continuation patterns and giving breakout from the same.
If you look at Friday’s breakout candle, then it has taken the formation of bullish Marubozu candlestick, which is signifying a strong upside from hereon.
One should keep Friday’s breakout candle as an invalidation level.
21- EMA is a short-term trend identification moving average that signals that the stock is in strong upside momentum.
HDFC AMC (52-Week high)
The counter has been trading above all the key moving averages’ which seems to suggest that it is poised for a big run in the forthcoming trading session.
The counter has given a pattern breakout with strong volume buildup as well, signalling big hands are also taking part in the stock.
The breakout candle will act as an invalidation level for the bullish position and trail the trading position with the 9-Day Moving Average.
Angel One (All-Time High)
The uptrend in the stock is very strong; however, looking at Friday’s strong wide-range bearish candle gives clue to stay away from the stock unless it clears the high of Friday’s bearish candle. Angel One is in no trade zone for me.
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 experts are their own. These do not represent the views of the Economic Times)