Breakout Stocks: How Max Financial, Suzlon Energy & Jubilant Pharmova are looking on charts for Friday

NEW DELHI: With a rate cut from RBI looking more distant than earlier thought, the domestic equity market on Thursday ended 0.5% weaker. Nifty Bank ended with a loss of 339 points on RBI's move to control liquidity through incremental CRR.

Besides banks, other rate-sensitive sectors like realty and auto also ended on a weak note. Shares of Zee Entertainment Enterprises (ZEEL) ended 16% up after NLCT gave approval to the Zee-Sony merger.

We have collated a list of three stocks that either hit a fresh 52-week high or saw a volume or a price breakout on Thursday.


We spoke to analyst Hariprasad Kizhakkethara on how one should look at these stocks the next trading day ie Friday entirely from an educational point of view:

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

Max Financial Services
The stock has been moving in a narrow channel pattern since January 2022 on the daily timeframe, and gave a breakout on a strong resistance trendline. If the stock manages to close above Rs 867 level, it will go Rs 952 as T1 and Rs 1030 as T2. If the stock doesn't manage to cross Rs 867 level on Daily TF, it will fall to Rs 833 price level and then to Rs 772 level.

Suzlon Energy
The stock has been facing a big resistance on the weekly charts since 2016. After a 7-year breakout, Suzlon can go to Rs 24.60 price level as T1 and Rs 32 price level as T2.

Jubilant Pharmova
The stock crossed a trendline resistance on the daily chart, and formed an Inverted M pattern. Later on, it got retested on the same trendline. The stock can easily manage to reach the first target of Rs 498 price level as T1, and it can even further even go to Rs 585 price level as T2 and Rs 694 price level as T3. Even if stock starts falling, it has a very good support at Rs 420 price level.

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