The S&P BSE Sensex declined nearly 260 points while the Nifty50 closed below 21,600 level.
Stocks that were in focus include names like Bharti Airtel rose more than 3%, L&T rose more than 1% and Titan Company gained nearly 2% on Friday.
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:
Analyst: Kunal Kamble Sr, Technical Analyst at Bonanza Portfolio
Bharti Airtel: Buy
After a long phase of 14-year Bharti Airtel was able to break its resistance and trade towards 1125 levels, it is expected to move ahead in the same direction in the coming weeks. The formation of HH and LH indicates positive price action.
On the EMA front prices are trading above the Fast (50) and Slow (200) EMA which indicates an uptrend in the security. On the other hand, the EMA is trending upward which also indicates an upward direction.
On the momentum front, the Relative Strength Index (RSI) has given a breakout of a Symmetric pattern in the northern direction supporting the price action.
The Directional Index, DI+ is trading above DI- indicates an uptrend in the security and ADX trading above both the DI’s indicates strength in the move.
We are expecting Bharti Airtel to continue its trend upward toward 1300-1700 levels, throwback would be an opportunity to enter fresh long.
L&T: Buy on Dip
Larsen & Toubro has given a breakout of the Rising Wedge Pattern and has almost moved upward 50% of its target move.
The rise in price is sharp, which indicates aggressive buying. The price is trading above the Fast (50) & Slow EMA (200) EMA which indicates uptrend.
The momentum indicator RSI is trading in the higher zone which indicates an uptrend in the security. DI+ trading above DI- indicates a positive trend whereas ADX trading above both the DI’s indicates strength.
A dip in the security near 3300 level would be an opportunity to enter long for an upward move towards 3,800-4,000 levels.
AgenciesTitan Company: Buy
Titan Company has given a breakout of the Rising Wedge Pattern. The increase in volume in the current week is indicating buyers are interested in buying the security. The price is trading above the Fast (50) & Slow EMA (200) EMA which indicates uptrend.
The momentum indicator RSI is trading in the higher zone which indicates an uptrend in the security. DI+ trading above DI- indicates a positive trend whereas ADX trading above both the DI’s indicates strength.
Buying can be done between 3770-3820 for an upward move towards 4100-4300 levels.
Agencies(You can now subscribe to our ETMarkets WhatsApp channel)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
