The S&P BSE Sensex plunged more than 8,00 points while the Nifty50 managed to hold on to 21,500 levels.
Sectorally, buying was seen in realty while selling was seen in consumer durables, capital goods, power and FMCG stocks.
Stocks that were in focus include names like Tata Investment Corporation which was up 20%, Oil India rose nearly 4% to hit a fresh record high and BEML closed with gains of more than 10% to hit a fresh high.
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: Sanket Thakar, CMT, Founder- Alpha Bot Capital
BEML
BEML has entered its all-time high level and has already covered 90% of the upside target of the previous flag pattern breakout. It is also facing curved trendline resistance as well.
These levels will attract profit booking is the trendline resistance of 3512 & the flag pattern target of 3730.
BEML
ETMarkets.comOil India
Oil India has been in a continuous uptrend since 2022 and is still maintaining the same momentum. In the current up-trending scenario, there are at 2 short-term resistances 1st at the level of 450 and 2nd at the target completion of the flag pattern at 475. Additionally, the RSI indicator is at an overbought condition.
Traders who are already a part of the rally may opt for profit booking at these levels. Support levels are at a lower trendline of 405 – 410 levels.
Oil India
ETMarkets.comTata Investment
Tata Investment has seen a huge volume spike as it entered the all-time high zone today. This move was initiated when the flag pattern broke out on 5th Jan 2024 with a target of 5902.
Currently, at this stage, the stock has reached very close to its target followed by a trendline resistance at the level of 6250 – 6300. Traders should now start to look for profit booking.
The support levels are far below the level of the lower trendline at 4663.
Tata Investment
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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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