The Indian market remained shut on Tuesday on account of a public holiday.
Sectorally, buying was seen in metal, public sector, energy, utilities, and power stocks while selling was visible in IT, consumer durables, and healthcare stocks.
Stocks that hit a fresh record high on Monday include names like BSE which was up more than 9%, Power Finance Corporation closed with gains of more than 3% and Torrent Power was up nearly 5%.
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: Ankit Choudhary Co-Founder, Financial Independence Services, SEBI Registered Investment Advisors, Registration Number – INA100008939.
BSE
BSE was up 9% on Monday after posting a stellar set of numbers. In our last article on the of October 25, we had mentioned making long positions around 1,500 levels with a stop loss of 1,149 but the stock made a low of 1,590 and bounced back sharply.
With an increase in transaction charges in equity derivative segments and good results, all the analysts are bullish on BSE with stock already giving 300% gains this year.
Existing investors can stay invested in BSE and new investors can wait for stock to cool off a bit and buy it near its 10-EMA levels of 2,000-2,100. Traders can take fresh longs above 2,350 for a target of Rs 2,500.
ETMarkets.comTorrent Power
The stock is looking strong on the weekly charts and fresh positions can be taken by traders above 840 levels.
The stock has a good habit of testing previous breakout levels and then moving up sharply. Investors can wait patiently for an entry near the 20-Days EMA range of 710-730 levels.
ETMarkets.com
PFC
Both PFC and REC have made an awesome move this year with returns of 300% this year itself. Traders can make fresh positions above 320 levels with a strict stop loss of 299 for a target of Rs 349.
Investors should look to buy this stock for the long term once it cools off and is close to its 20 or 50-Days EMA (Exponential Moving Average).
ETMarkets.com
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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