Breakout Stocks: How to trade Intellect Design, Garden Reach Shipbuilders & Hitachi Energy that hit 52-week high?
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Market Summary
Indian market recouped losses to close in the green on Thursday. The BSE Sensex rallied more than 300 points while the Nifty50 rose above 24800 levels.
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Sectoral Summary
Sectorally, buying was seen in healthcare, IT, metal and realty while selling was seen in FMCG stocks.
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Breakout Stocks
Stocks that hit fresh 52-week high include names like Intellect Design which rose more than 4%, Garden reach Shipbuilders closed with gains of nearly 7% and Hitachi Energy India Ltd closed 3% higher on Thursday.
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Analyst Call
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: Ankit Choudhary, Co-Founder, Financial Independence Services
Analyst: Ankit Choudhary, Co-Founder, Financial Independence Services
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Intellect Design: Symmetrical Triangle Breakout
The stock has broken out of a symmetrical triangle pattern on the daily charts, signaling a bullish continuation. The breakout has been backed by above-average volumes, suggesting buying strength.
The structure remains positive as long as the stock sustains above the Rs 1,110–1,120 zone. Upside targets could be Rs 1,175 followed by 1,225 in the short term.
The structure remains positive as long as the stock sustains above the Rs 1,110–1,120 zone. Upside targets could be Rs 1,175 followed by 1,225 in the short term.
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Garden Reach Shipbuilders (GRSE): Rounding Bottom Breakout
The stock has formed a rounding bottom pattern on the weekly chart and witnessed a clean breakout above Rs 2,950.
This breakout is supported by robust volume action, indicating institutional participation. The next resistance comes around Rs 3,200, while the Rs 2,870–2,900 zone will act as a strong support.
Given the stock’s positive momentum and sustained higher highs, dips are likely to be bought into. We also note strong support near the Rs 1,065 level, which coincides with previous consolidation and 21-day EMA.
This breakout is supported by robust volume action, indicating institutional participation. The next resistance comes around Rs 3,200, while the Rs 2,870–2,900 zone will act as a strong support.
Given the stock’s positive momentum and sustained higher highs, dips are likely to be bought into. We also note strong support near the Rs 1,065 level, which coincides with previous consolidation and 21-day EMA.
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Hitachi Energy: Cup & Handle Breakout
Hitachi Energy has registered a Cup & Handle breakout on the weekly charts, a strong bullish pattern often signaling multi-week rallies.
The stock has convincingly crossed the Rs 13,200 resistance level, paving the way for potential upside towards Rs 14,500–14,800.
The immediate support lies near Rs 12,500. The rising RSI and bullish MACD crossover further strengthen the bullish view.
Analyst Note: Always consult your financial advisor before making any investment decisions.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
The stock has convincingly crossed the Rs 13,200 resistance level, paving the way for potential upside towards Rs 14,500–14,800.
The immediate support lies near Rs 12,500. The rising RSI and bullish MACD crossover further strengthen the bullish view.
Analyst Note: Always consult your financial advisor before making any investment decisions.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)