Breakout Stocks: How NMDC Steel, Data Patterns and Apar Industries are looking on charts for Tuesday’s trade

Indian market earlier recouped losses and closed in the green on Monday. The S&P BSE Sensex rose over 200 points while the Nifty50 closed just a shade below 19400 levels. Sectorally, buying was seen in utilities, power, metal, and capital goods sectors.

Stocks that were in focus on Monday include names like NMDC that rose nearly 3%, Data Patterns India that gained nearly 10% and Apar Industries that ended over 2% to hit a fresh 52-week high.

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

Here’s what the Co-Founder of Financial Independence Services (SEBI Registered Investment Advisors, Registration Number - INA100008939) had to say:

NMDC
NMDC was up by 2.8% on Monday and has formed a Cup & Handle chart pattern on hourly charts. Fresh positions can be taken if an hourly candle closes above 119.2 for trading targets of 123 and swing targets of Rs 128.

Data Patterns
Data Patterns was first given by us on 16th June when the stock closed at Rs 1870 and on Monday it was up again 9% and closed at Rs 2365, up by 30% in just 2 months.

Extending the chart that we previously shared — the stock is still making higher highs and higher lows patterns, so continue to remain invested in the stock and look for bigger targets as it's in the blue sky zone.

Apar Industries
Apar Industries had given a Cup and Handle breakout on the monthly charts around Rs 880-900 levels in June last year, since then it has been an investor's delight as it has made a high of Rs 5349 on Monday, which is roughly 6 times the returns at these levels.

We would not recommend any buying positions and recommend profit booking of 50% quantity to enjoy risk-free returns for existing investors.

(Analyst Disclaimer : Please consult your financial advisor before taking any positions in the above mentioned stocks. 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)