Breakout Stocks: How to trade eClerx Services, Piramal Pharma & Deepak Fertilizers on Thursday?

Indian market closed in the green for the second consecutive day in a row on Wednesday tracking positive global cues. The BSE Sensex index rose more than 900 points to close above 80,300 levels while Nifty50 reclaimed 24,400 levels.

Sectorally, buying was seen in industrials, capital goods, realty, oil & gas and IT.

Stocks that hit fresh record highs include names like eClerx Services. Piramal Pharma rose more than 7% each, and Deepak Fertilizers closed with gains of more than 5% on Wednesday.

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

Analyst: Sanket Thakar, CMT, Founder - Alpha Bot Capital

E Clerx Services is currently trading within a wide range of 2650 to 3425. The overall trend is positive, and it is expected to reach the upper trendline level of 3425 very soon in the coming days.

Piramal Pharma is in a strong uptrend and has recently outperformed in the pharma sector. The trend is expected to remain positive as long as it trades above the 250 level. The short-term resistance levels are at 311 and 335.

Deepak Fertilizers has achieved its short-term pattern target today, which may lead the stock into a consolidation period for a while.

The overall trend remains upward, but it’s preferable to build fresh positions on dips. The support zones below are near the 1240 and 1100 levels.



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