The S&P BSE Sensex rose over 100 points while the Nifty50 closed above 22,000.
Sectorally, buying was seen in metal, auto, healthcare and capital goods stocks while IT, consumer durables and FMCG saw some selling.
Stocks that were in focus on Monday include names like Linde India, which was up nearly 6%, Bharti Airtel which hit a fresh record high while volume spike was seen in Paytm, which closed with gains of 5%.
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:
Linde India
Linde India has finally traded above 6,775, which has been acting as strong resistance for the last 3 months. While indicators are showing some positive momentum with positive crossovers, volume is not supporting the breakout.
We need to wait for one more close above resistance for confirmation and also suggest traders keep a strict stop loss on existing longs at 6,640.
Bharti Airtel
Bharti Airtel has pinched a new high but the same is not supported by momentum indicators. If the price corrects in the next two sessions, we may get a negative divergence confirmation, which will trigger a sell.
Strong support is at 1,185 which is a 10-day average which could be a trailing stop loss to existing longs while new positions are not recommended yet.
Paytm
Paytm stock is creating a trap for investors with a small hike in the price. Still, the stock has strong resistance of all short-term and medium-term averages around 400. We strictly recommend traders to avoid the stock and exit completely below 375.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)