Breakout Stocks: How RIL, Mazagon Dock and Olectra are looking on charts for Tuesday

Indian market closed in the green on Monday, despite muted global cues. The S&P BSE Sensex and Nifty50 closed flat with a positive bias.

Sector-wise, buying was seen in metal and energy stocks while selling was seen in consumer durables, IT, utilities, and power stocks.

Stocks in focus on Monday include names like RIL (closed with gains of nearly 4%), Mazagon Dock (rose over 9% to hit a fresh 52-week high) and Olectra Greentec (closed with gains of nearly 5%).


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 about 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 has to say:

Reliance Industries
RIL was up by 3.86% and we gave it as an intraday buy call to our clients. Historically, we have seen that RIL stock price follows price action and breakout most of the time for intraday trading and should be in any long-term portfolio.

We have been long in RIL since post Covid levels of Rs 1,000. In the short-term, if Reliance Industries is able to sustain above Rs 2,760, we can see short-term targets of Rs 2,800 and an all-time high soon as the record date for the demerger of Jio Financial is 20th July.

Reliance is a conglomerate that has its exposure in Oil & GAS, Retail, Financial services, O2C, Digital services and others. If you are bullish on the India growth story, RIL is a must-have in your portfolio for long-term wealth creation.

Mazagon Dock
Mazagon Dock has given a fresh breakout and it closed at an upper circuit of 10%. At these levels, the risk-to-reward ratio is not favorable for any fresh entry.

Those who are already invested can hold the stock for the short-term target of Rs 1,550. We always advise traders to be disciplined and trade with a strict stop loss.

Olectra Greentech
We have seen a steep rally in Olectra in the last 2 days after it got an order of 5150 buses. But we could see some profit booking at Rs 1,400 levels.

We would like the stock to consolidate in the range of Rs 1,200 to Rs 1,400 for the next few days and then we can make fresh longs above Rs 1,410 for the short-term target of Rs 1,500.

(Note: The author is SEBI Registered Investment Advisors, Registration Number - INA100008939.)

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