Sectorally, buying was seen in Capital Goods, Telecom, and power stocks, while selling was visible in FMCG, IT, and metal names.
Stocks that were in focus include names like Indian Energy Exchange, which fell more than 10%, Sonata Software, which rose nearly 4% to hit a fresh 52-week high, while JustDial also clocked a fresh 52-week high on Friday.
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 about how one should look at these stocks the next trading day entirely from an educational point of view:
Analyst: Kush Ghodasara, CMT, SEBI RA: INH000002137
IEX: More downside
IEX had shown a dream run in the year 2022 from Rs 131 to a high of Rs 318 in the span of just three months, but since then, we have witnessed lower lows on the weekly charts and diminishing volumes.In the last two days, we have witnessed a 200-day average breakdown at Rs 153 with heavy volumes. The stock broke down below Rs 131 on Friday, which was a strong demand zone since 2022.
Technical indicators like MACD and RSI have shown negative crossover, confirming more downside to 88 in the short-term with stop loss now placed at 141.
Sonata Software: Buy above Rs 1035
Sonata Software is outperforming its sector with a tremendous move from 550 to 1023 in just 6 months and while achieving this move it has formed an upside channel.
Currently, the stock touched a resistance on the channel at Rs 1,030, suggesting a pause. But looking at RSI and MACD, which have crossed positively just a few candles back indicates strong momentum.
The stock still has some fizz left to move upside, but we should buy above Rs 1,035 with a stop loss at Rs 963, which was the recent support zone.
Just Dial: Stock in buy mode
Just Dial had been underperforming compared to the benchmark but since the last few weeks, the stock has moved out of the consolidation zone and is showing strong momentum.
Since the last two weeks, it has nudged out of the downside sloping channel which has been in since the high of 1138 in 2021. Now, the stock is in buy mode with a stop loss at 672, which is also the 200-weekly average.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
