Breakout Stocks: How to trade KFin Technologies, Newgen Software & Amber Enterprises on Friday
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Market Wrap
Indian market closed flat on Thursday tracking mixed global cues. The BSE Sensex closed in the red while Nifty50 ended the day with marginal gains.
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Sectoral Watch
Sectorally, buying was seen in power, healthcare and auto stocks while selling was seen in banks, FMCG and metal stocks.
Sectorally, buying was seen in power, healthcare and auto stocks while selling was seen in banks, FMCG and metal stocks.
Sectorally, buying was seen in power, healthcare and auto stocks while selling was seen in banks, FMCG and metal stocks.
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Breakout Stocks
Stocks that hit fresh record highs include names like KFin Technologies which rose more than 7%, Newgen Software which gained over 5% and Amber Enterprises which closed with gains of over 8% 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.
Here’s what analyst Sanket Thakar (CMT, Founder - Alpha Bot Capital) has to say:
Here’s what analyst Sanket Thakar (CMT, Founder - Alpha Bot Capital) has to say:
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KFin Technologies
KFintech is in a strong uptrend in both positional and intraday charts. In the short term, it is expected to reach 1,650 and 1,700 levels. Support levels below are at 1,500 and 1,425.
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Newgen Software
Newgen Software stock broke out of a Flag Pattern on December 23 on a 15-minute time frame and on Thursday, it reversed after achieving its full target.
The overall trend is still up, but due to profit booking, the stock may consolidate for a while before making its next up move.
The overall trend is still up, but due to profit booking, the stock may consolidate for a while before making its next up move.
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Amber Enterprises
Amber Enterprises has broken out of a Flag pattern and is aiming for 7,800–7,850 levels. Support below is at the 7,180 level.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)