Technical Breakout Stocks: How to trade Hero MotoCorp, JBM Auto and Star Cement on Tuesday

Indian market witnessed selling pressure on Monday tracking muted global cues.

The S&P BSE Sensex fell more than 500 points while the Nifty50 managed to hold on to 21,600 levels.

Sectorally, buying was seen in healthcare and IT stocks while public sector, utilities, telecom and realty stocks saw some selling pressure.

Stocks that were in focus on Monday include names like Hero MotoCorp which was down over 4%, JBM Auto which was up more than 2% and Star Cement which closed with gains of over 6% to hit a fresh high.

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. Here’s what analyst Ankit Choudhary, co-founder of Financial Independence Services (SEBI Registered Investment Advisors, Registration Number – INA100008939) had to say:

Hero MotoCorp Ltd

Hero MotoCorp posted a good set of numbers during the weekend for the quarter that ended December 2023 along with the announcement of the launch of 2 new models in 2024.

However, brokerages were pessimistic as the stock had shown a good run-up in the last few days in anticipation of good results.

Investors can accumulate Hero MotoCorp at current levels and add more around 4300 with a stop loss of Rs 3,949 for a target of Rs 5000.

JBM Auto

We would recommend a buy-on-dip strategy for JBM Auto. Traders and investors can buy this stock around 2,000 -2,010 with a stop loss of 1,767 for a target 1 of 2,200 and target 2 of 2,400.

A stop loss is a must to protect your capital and previous gains.

Star Cement

The Star Cement stock recorded a good breakout at 185 levels, and we would suggest to avoid any trade in this stock as the risk-to-reward ratio is not favourable at these levels.

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

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