Breakout Stocks: How to trade KIMS & Vijaya Diagnostic Center on Tuesday
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Market Summary
Indian market closed lower for the fourth consecutive day in a row on Monday. The BSE Sensex fell more than 1000 points while the Nifty50 closed below 23,100 levels.
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Sectoral Summary
Sectorally, selling was seen in consumer durables, power, utilities, and real estate stocks.
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Breakout Stocks
Stocks that hit fresh highs include names like KIMS, which pared gains and closed lower by around 3%, and Vijaya Diagnostic, which also hit fresh highs, pared gains, and closed with a loss of 2% on Monday.
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Analyst Call
We spoke to an analyst about how one should approach these stocks on the next trading day, entirely from an educational point of view.
Analyst: Rajat Kulshrestha of My Mudra Fincorp Pvt Ltd
Analyst: Rajat Kulshrestha of My Mudra Fincorp Pvt Ltd
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Vijaya Diagnostic Center
The stock has been on a strong upward momentum since March 2024, creating higher highs and higher lows. It has delivered returns of 79.35% since the end of March and 53.84% in the last six months alone.
Using the Fibonacci tool, we can see that the trend has begun. We have a strong support zone between 0.618 and 0.5, which corresponds to the 847-924 level. Strong resistance has been observed at the 1421 and 1629 price levels.
If the stock manages to close above the 1249 price level, we can expect the price to rise to the 1421 and 1629 levels.
The stock is experiencing strong buying pressure and has even crossed the 50-day moving average (50MA) on the volume chart.
Using the Fibonacci tool, we can see that the trend has begun. We have a strong support zone between 0.618 and 0.5, which corresponds to the 847-924 level. Strong resistance has been observed at the 1421 and 1629 price levels.
If the stock manages to close above the 1249 price level, we can expect the price to rise to the 1421 and 1629 levels.
The stock is experiencing strong buying pressure and has even crossed the 50-day moving average (50MA) on the volume chart.
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KIMS
In the daily time frame, the stock has been making higher highs and lower lows and has been rejected from the 674 price level. Currently, the price is taking strong support from this Fibonacci trendline.
The 746 and 838 price levels act as partial resistance for this stock, but only if the price closes above the 674 level. The 512-542 price range is acting as strong support according to the Fibonacci levels.
The stock has delivered strong returns of 57.79% over the last year and 47.13% over the last six months.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times)
The 746 and 838 price levels act as partial resistance for this stock, but only if the price closes above the 674 level. The 512-542 price range is acting as strong support according to the Fibonacci levels.
The stock has delivered strong returns of 57.79% over the last year and 47.13% over the last six months.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times)