Breakout Stocks: How to trade CDSL, Indian Hotels and Page Industries on Monday?
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Market Summary
Indian market closed in the red on Friday for the second consecutive day in a row. The BSE Sensex and Nifty50 closed flat with a negative bias.
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Sectoral Summary
Sectorally, buying was seen in healthcare, auto, IT and consumer durable stocks while selling was seen in utilities, oil & gas, energy and realty stocks.
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Breakout Stocks
Stocks that hit fresh highs include CDSL which pared gains to close flat after hitting record highs, Page Industries was up more than 6% and Indian Hotels was up more than 7% on Friday.
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Analyst Call
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: Harshita Darak, Technical Research Analyst at Bonanza
Analyst: Harshita Darak, Technical Research Analyst at Bonanza
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CDSL: Avoid
CDSL has recently given a breakout from a rectangle pattern; however, the move occurred on below-average volume, signaling a lack of conviction. Additionally, there's divergence between the RSI and price, suggesting weakening momentum.
The ADX indicator is flat, indicating a lack of trend strength. Given these factors, the technical setup suggests that upside potential is limited and there may be downside risk.
Therefore, based on the current technical indicators, it is advisable to avoid taking a position in CDSL at these levels.
The ADX indicator is flat, indicating a lack of trend strength. Given these factors, the technical setup suggests that upside potential is limited and there may be downside risk.
Therefore, based on the current technical indicators, it is advisable to avoid taking a position in CDSL at these levels.
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Indian Hotel: Buy On Dip
On the daily timeframe, Indian Hotels stock has achieved a new all-time high with a breakaway gap, signalling a strong continuation of its uptrend.
The stock closed near its session high, reflecting strong buying interest, and a significant rise in volume further confirms demand at current levels.
In terms of moving averages, Indian Hotels is trading above both the 50 and 200 EMA, reinforcing the ongoing uptrend. Directionally, DI+ is positioned above DI-, indicating bullish momentum.
The stock closed near its session high, reflecting strong buying interest, and a significant rise in volume further confirms demand at current levels.
In terms of moving averages, Indian Hotels is trading above both the 50 and 200 EMA, reinforcing the ongoing uptrend. Directionally, DI+ is positioned above DI-, indicating bullish momentum.
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Page Industries: Buy
Page Industries has broken out from a long-term rounding pattern at a higher level, signaling an uptrend. The increase in volume highlights strong buying interest.
The price is currently trading above both the Fast (50) and Slow (100) EMAs, confirming the uptrend, and a crossover between the 50 and 100 EMAs further signals a bullish trend. The momentum indicator RSI is moving upward, supporting the price action.
The Directional Movement Indicator (DMI) also signals an uptrend, with DI+ trading above DI-, while the ADX, trading above DI-, indicates strength in the upward move. Given this technical setup, a long position can be considered, with a stop-loss at 44,750.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
The price is currently trading above both the Fast (50) and Slow (100) EMAs, confirming the uptrend, and a crossover between the 50 and 100 EMAs further signals a bullish trend. The momentum indicator RSI is moving upward, supporting the price action.
The Directional Movement Indicator (DMI) also signals an uptrend, with DI+ trading above DI-, while the ADX, trading above DI-, indicates strength in the upward move. Given this technical setup, a long position can be considered, with a stop-loss at 44,750.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)