Breakout Stocks: How to trade KPR Mill that hit 52-week high; Bharat Dynamics & Bharat Forge saw volume spike
1/7
Market Summary
The Indian market closed in the red for the second consecutive day in a row on Friday. The BSE Sensex fell by about 800 points while the Nifty50 held on to 24000 levels.
2/7
Sectoral Summary
Sectorally, buying was seen in metal, consumer durable, and capital goods, while selling was seen in banks, power, utilities, and realty.
3/7
Breakout Stocks
Stocks that hit fresh 52-week high include KPR Mill, which rose more than 11% while volume spike was seen in Bharat Dynamics, which gained more than 5%, and Bharat Forge was up more than 4% on Friday.
Amazon Top Deals
POWERED BY
Crompton Ozone 75 Litres Desert Air Cooler for home | Large & Easy Clean Ice Chamber | 4-Way Air Deflection | High Density Honeycomb Pads | Everlast Pump | Auto Fill| 3 Year Brand Warranty
₹9,798Buy Now43%
OFF
LG 32 L Convection Microwave Oven (MC3286BRUM, Black, 360° Motorised Rotisserie for Bar-be-queing, 301 Auto Cook Menu, Stainless steel cavity, Indian Cuisine, Tandoor Se, Steam Clean & Diet Fry)
₹19,340Buy Now19%
OFF
4/7
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: Drumil Vithlani, Technical Research Analyst at Bonanza.
Analyst: Drumil Vithlani, Technical Research Analyst at Bonanza.
5/7
KPR Mill: Strategy: BUY
KPR Mill stock has exhibited strong bullish action on the daily chart, forming a "Three White Soldiers" candlestick.
The stock is also breaking out of a rounding bottom formation, suggesting accumulation at higher levels and the potential for further upside from an indicator perspective.
The RSI is trading above 60, reflecting rising momentum in favor of bulls. The stock is poised to extend its uptrend towards Rs 1,350 and Rs 1400 in the near term. On the downside, Rs 1,215 will act as immediate support, maintaining the bullish structure unless it gets breached.
The stock is also breaking out of a rounding bottom formation, suggesting accumulation at higher levels and the potential for further upside from an indicator perspective.
The RSI is trading above 60, reflecting rising momentum in favor of bulls. The stock is poised to extend its uptrend towards Rs 1,350 and Rs 1400 in the near term. On the downside, Rs 1,215 will act as immediate support, maintaining the bullish structure unless it gets breached.
6/7
Bharat Forge: Strategy: BUY
Bharat Forge stock displayed strong price action on the daily chart by forming a bullish candlestick coupled with a breakout from a 10-session consolidation range.
The price has also negated its previous lower-low structure, indicating a potential trend reversal. On the indicator front, the RSI is gradually climbing higher and trades near 58, suggesting strengthening momentum.
With price and momentum aligning positively, the stock appears well-positioned to move towards Rs 1,250 and 1,275 levels in the near term. A protective stop-loss can be placed at Rs 1,130 to manage downside risk.
The price has also negated its previous lower-low structure, indicating a potential trend reversal. On the indicator front, the RSI is gradually climbing higher and trades near 58, suggesting strengthening momentum.
With price and momentum aligning positively, the stock appears well-positioned to move towards Rs 1,250 and 1,275 levels in the near term. A protective stop-loss can be placed at Rs 1,130 to manage downside risk.
7/7
BDL Ltd: Strategy: Buy on dips
BDL stock price is showing strength, consistently holding above its 20 & 50 EMA. Buying volume has outpaced selling, reflecting strong bullish sentiment.
The defense sector is gaining momentum, supported by geopolitical developments, particularly India-Pakistan cues, which have brought attention back to defense-related stocks.
BDL remains attractive above Rs 1,435. Existing holders can stay invested, while fresh buying is ideal on dips towards Rs 1,485 for a potential move towards Rs 1,600
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
The defense sector is gaining momentum, supported by geopolitical developments, particularly India-Pakistan cues, which have brought attention back to defense-related stocks.
BDL remains attractive above Rs 1,435. Existing holders can stay invested, while fresh buying is ideal on dips towards Rs 1,485 for a potential move towards Rs 1,600
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)