The Nifty50 closed flat with a positive bias at 22,335 while the S&P BSE Sensex closed with gains of more than 160 points.
Sectorally, buying was seen in IT stocks while some selloff was seen in realty, public sector, utilities, power, and capital goods stocks.
Stocks that were in focus include names like Tata Consultancy Services, which was up more than 1% to hit a fresh all-time high, InterGlobe Aviation which rose nearly a per cent and OFSS which closed with gains of over 2% to hit a fresh high on Tuesday.
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 analyst Kush Ghodasara (CMT, SEBI RA : INH000002137) had to say:
InterGlobe Aviation
The stock gave a breakout from the consolidation zone at 3,200 on Monday and on Tuesday, the stock made a Spinning Top kind of pattern and touched a new record high — which is a concern.
Indicators have given a bearish crossover, which is also not supporting the price movement of the last two days. Therefore, a trailing stop loss should be kept at Rs 3,161, which is 5–10-day average crossover.
Oracle Financial Services Software
The stock has seen a good rally recently and has witnessed a breakout from the converging Triangle pattern. In the last two days, we have noticed a distribution of shares after opening.
Indicators have turned bearish and are turning south, which is a sign of fear. The stock has strong support placed around 5-10-day average at 7,894. Existing longs should keep a strict stop loss at the same level.
TCS
The stock has been in a consolidation zone for quite a long time but on Tuesday we finally saw it breaking out with heavy volumes. The short-term moving averages are congested so we don’t have much conviction from here. We have seen a positive crossover in some indicators, but we need one more confirmation close on Wednesday.
Fresh longs should be created after a sustained move while existing longs should have a trailing stop loss placed at Rs 4,153.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)