hpcl share price: Breakout Stocks: 52-week highs! How to trade HPCL, Adani Power and Cyient on Tuesday

Indian market closed in the green for the 5th day in a row to hit fresh record highs tracking positive global cues and the ruling party’s win in state election results.

The S&P BSE Sensex rallied over 1,300 points while the Nifty50 closed with gains of over 400 points to close at 20,686. The S&P BSE Sensex hit a record high of 68,918 while the Nifty50 hit a high of 20,702.

“The rally was on expected lines as the ruling party’s strong performance in state elections gave confidence to investors that culminated into a massive upsurge with key benchmarks scaling record highs,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

“India’s strong growth prospects going ahead along with moderating inflation and return of foreign investors should augur well for domestic markets in the runup to the Union Budget in February,” he said.

Sectorally, buying was seen in oil & gas, banks, public sector, power and capital goods stocks.

Stocks that were in focus include names like HPCL which was up 9%, Adani Power which hit a fresh record high, and Cyient which was up more than 9% to hit a fresh high on Monday.

We have collated a list of three stocks that either hit a fresh 52-week high, or an 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.

HPCL

HPCL was up by almost 9% on Monday as it was a fantastic day for the bulls. OMC companies were up by a minimum 4% as HPCL outperformed BPCL and IOC.

The stock had given a good breakout above Rs 335 on the daily charts on 28th November.

Swing traders can take fresh positions if stock retests it’s 20 EMA or previous breakout levels of Rs 330-340 with targets of Rs 380 and Rs 399 with a stop loss of Rs 299.

At current levels it will be riskier to trade HPCL. So, we would wait patiently for the retracement.

Adani Power
Adani Power gave a fresh breakout on monthly, weekly and daily charts on Monday. It could not sustain after opening at a high and closed around 10% down from its day high at around Rs 455.

Aggressive traders can make fresh positions if it is able to close an hourly candle above Rs 460 and then breaks the high of that candle with a stop loss of Rs 409 for targets of Rs 494 and Rs 599.

Cyient
Cyient has given 3 times returns in the last 1.5 years from its lows of May 2022. It has almost tripled and we would like the stock to consolidate for some time and then we could take some fresh positions.

As of now, it is in a no-trade zone and no FOMO trades should be taken in this stock as the risk-reward is unfavorable. If we get this stock around its 20 EMA in the near future, can be a good entry point.

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(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)