Technical Breakout Stocks: How to trade Sobha, Mankind Pharma and Just Dial on Friday

Benchmark indices closed marginally higher on Thursday as investors remained on the sidelines ahead of key macro data announcements. The 30-share Sensex climbed 63 points to settle at 71,721 and the Nifty gained 28 points to 21,647.

Sectorally, oil and gas, consumer durables, auto, and PSU banks were top gainers.

Stocks that were in focus on Thursday include names like Sobha which was up 1.49%, Mankind Pharma, which closed with gains of nearly 3% and Just Dial which rose over 4%.

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:

Here’s what independent expert (CMT) Kush Ghodasara had to say:

Sobha (All-time high)

The stock on Thursday managed to break out of the symmetric triangle pattern, which can also be considered as a flag too. But at the closing, stock gave an inverted Doji making a bit of confusion on breakout.Indicators are positive while volumes are comparatively low, which makes Friday’s trading session an important one for the stock. If we manage to close above 1,340 on Friday, then only we will buy the stock for a short term or else we shall avoid it. Support is situated at 1,220 for the near term.

Mankind Pharma (All-time high)

The stock had been travelling on the channel until Wednesday, but it has managed to breakout on Thursday on the upside with a bullish crossover on RSI.

The stock has managed to break previous highs and has closed above the same indicating strong momentum ahead for the short term. It is taking strong support at 10-day average situated at 2,070, which can act as support and the target for short-term could be 2,400.

Just Dial (52-week high)

The stock has managed to close at the previous high after pinching a new 52-week intraday high at 944. On Thursday, we witnessed a volume-driven price moment, which is a strong sign of sustainability at higher levels.

Momentum indicators have already entered overbought territory, but still we can witness some upside momentum. Strong support is witnessed at 5-10 day average at 813 while target can be again at 945 for short-term trading.

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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)