Breakout Stocks: How ITC, Titan Company & Alok Industries are looking on charts for Tuesday

The Indian market closed lower on Monday tracking mixed global cues. The S&P BSE Sensex fell over 200 points, while the Nifty50 closed below 18,800 levels.

Sectorally, buying was seen in IT, healthcare, and metal stocks while selling was seen in telecom, power, and realty names.

Stocks that were in focus included names like ITC, which closed flat but hit a fresh record high, Titan Company, which also hit a fresh high, and Alok Industries, which closed with gains of over 10% with high volumes on Monday.


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:

Expert: Sanket Thakar CMT, Founder Alpha Bot Capital

Titan Company: Breakout from Ascending Triangle Formation
Titan is trading on its 52-week high with a breakout from Ascending Triangle Formation on the Weekly chart.

Technically, the view remains bullish with the support levels at Rs 2,600 - 2,800 & the resistance areas at Rs 3,225 & 3,485.

ITC: Profit-booking expected
ITC is on fire and has managed to rally sharply into its 52-week high. But, the catch here is that the flag pattern target has been achieved with the RSI being in the overbought state.

This can attract profit booking, which can lead to a small correction. The overall trend remains up and moving forward the support level of the lower trendline remains at Rs 400 - 420 levels.

Alok Industries: Breakout from the falling wedge pattern
Alok Industries has broken out from a falling wedge pattern with a huge volume signifying a trend reversal from down to up.
The technical view is bullish, and the resistance is on the upside at the levels of 21 and then 25, whereas support levels remain at Rs 13 price area.

Analyst Disclaimer: 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)