Sectorally, buying was seen in IT and FMCG stocks while selling was seen in metal, power, public sector and realty stocks.
Stocks that were in focus include names like Motilal Oswal which closed with gains of over 3%, Aurobindo Pharma which rose over 1% to a fresh 52-week high and ESAB India which settled 3% higher on Monday.
Indian market remained closed on Tuesday on account of the Independence Day Holiday.
Motilal Oswal has rallied more than 27%, while Aurobindo Pharma and ESAB India have risen over 15% in the last 1 month.
We have collated a list of three stocks that either hit a fresh 52-week high or saw a volume or a price breakout.
We spoke to a trader on how one should look at these stocks the next trading day entirely from an educational point of view: Analyst: Ankit Choudhary Co-Founder, Financial Independence Services, SEBI Registered Investment Advisors, Registration Number – INA100008939.
Aurobindo Pharma made a Doji candle on the daily charts on Monday. We could see a Pole and Flag breakout above 890 levels for trading targets of 899 and swing targets of 949.
Please note that all trades should be taken keeping 1-1.5% as trading stop loss and for swing trades 5% as happy stop loss, as trading is based on probability and risk management is the most important trait of a good trader or investor.
Motilal Oswal faces stiff resistance at 950-960 levels. If the stock is able to sustain above 960 for a couple of hours on Wednesday then we could see swing targets of 1010 and also an all-time high of 1180.
We always suggest traders to book 50% quantity once the first target is hit and move stop loss at cost for the rest of the shares to earn risk-free returns on investment.
It has given a good up-move in the last 5 months, and any fresh position in this stock is not recommended as the risk-to-reward is unfavourable.
The price of 5120 is an important resistance level for this stock on hourly charts. Aggressive traders can chase momentum in this stock with a stop loss of 4954.
Analyst Disclaimer: Please consult your financial advisor before taking any positions in the above-mentioned stocks. All of the above observations are shared for educational purposes only. Views mentioned are of the Analyst.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)