Breakout Stocks: How Cochin Shipyard, Amber Enterprises and JM Financial are looking on charts for Friday’s trade

Indian market closed lower on Thursday tracking muted global cues. The S&P BSE Sensex fell 388 points while the Nifty50 closed below 19,400 levels.

Sector-wise, buying was seen in consumer durables, and mid & smallcap stocks while utilities, energy, capital goods, and oil & gas witnessed heavy selling.

Stocks that were in focus on Thursday include names like Cochin Shipyard, which closed with gains of over 8%; Amber Enterprises that rose nearly 9% to an all-time high; and JM Financial that gained over 7%.


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 analyst Hariprasad Kizhakkethara on how one should look at these stocks the next trading day entirely from an educational point of view.

Here’s what the Sebi Registered RA (INH200009351) and Director of Livelong Wealth has to say:

Cochin Shipyard
Earlier the stock has been continuously facing strong rejection from the 6-year-old trendline since 2017, but recently it gave a strong breakout with high volumes, which has crossed 50-DMA in the volumes chart.

There is a good upside opportunity for the buyers till Rs 1024 as Target 1 and 1176 as Target 2 price level.

Amber Enterprises
The stock has crossed the resistance zone of Rs 2717 to Rs 2776 with good volumes (crossed 50-DMA on the volumes chart). If it sustains above this resistance zone, the short-term target is placed at Rs 3641.

But if the stock closes below (Rs 2717 to Rs 2776) zone, then there is a good short side opportunity for the short sellers till Rs 1793 price level.

JM Financial

The stock has crossed the resistance trendline with the big bullish green candle with good volumes (crossed 50-DMA on the volumes chart). There is a high possibility of an upside rally till Rs 94.75 as the near-term target.

But if it closes below this trendline, then there is a good short-side opportunity for the short seller till Rs 60.95 price level.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)