Breakout Stocks: How Oil India, MCX and ITI are looking on charts for Tuesday’s trade

NEW DELHI: Amid low volumes, Sensex ended 483 points lower as investors were left worried about the breakout of a war between Israel and Palestinian Islamist group Hamas.

Stocks that were in focus on Monday include names like ITI that rose 12% on the back of heavy volumes, and Oil India, which rallied 5.2%.

We have collated a list of three stocks that either hit a fresh 52-week high, or all-time 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, Financial Independence Services (SEBI Registered Investment Advisors, Registration Number - INA100008939), had to say:

ITI
ITI has given a Pole and Flag Break out on daily charts after a consolidation of 15 trading days and made a high of Rs 225.5. We can see RSI divergence on daily charts so we will avoid taking fresh positions in ITI as the stock faces stiff resistance at Rs 225-230 levels as there is a lot of uncertainty in global markets. Wait and watch will be the Mantra. Always remember no positions in the market is also a safe position as it protects capital. Existing investors can hold with a stop loss of Rs 184.

MCX
MCX faces stiff resistance at Rs 2,150 levels as it has given a good up-move in the last few trading sessions after the news of approval of a new trading platform by Sebi. We would like the stock to consolidate in the range of Rs 2000-2200 for next few days and will take fresh positions once the global uncertainty is over. Today, we have watched multiple stocks which have given fake-outs and hence a conservative approach is needed to protect capital, As when in doubt we stay out.

Oil India
Oil india has given a good breakout on daily charts with good volumes. The stock faces stiff resistance at Rs 318-320 levels. If it is able to cross the mentioned levels along with an increase in the price of WTI crude, we could see levels of Rs 340 within this week. Do trade with stop loss and a close watch on crude prices.

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