Technical Breakout Stocks: How to trade Godrej Properties, Rainbow Children and ABB India on Tuesday?

Indian markets closed mixed on Monday tracking the muted trend seen in other Asian markets. The S&P BSE Sensex rose while the Nifty50 closed 33 points lower.

Sectorally, buying was seen in banks, FMCG, healthcare, IT, and realty stocks while some selling was seen in energy, oil & gas, public sector and consumer durables.

Stocks that were in focus include names like Godrej Properties which rose more than 10% to hit a fresh high, Rainbow Children Medicare closed with gains of more than 8% and ABB India rose more than 3% to hit a fresh high on Monday.

We have collated a list of three stocks that either hit a fresh 52-week high, or an all-time high or saw a volume or a price breakout.

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, SEBI Registered Investment Advisors, Registration Number - INA100008939.

Godrej Properties: Buy| Target Rs 3000-3200

The stock posted a good set of numbers on Friday along with positive growth commentary from the management.

It has given a good breakout on the daily, weekly and monthly charts and fresh positions can be taken above 2850 for T1- 3000 and T2-3200 with a stop loss of 2,649.

Disclaimer – We had given Godrej properties as a SWING and BTST call on Friday along with an intraday call as today morning and our clients are carrying it as BTST for tomorrow also.

Rainbow Children: Buy on Dips

The stock has given a good breakout with volumes on daily charts but could not sustain the levels of 1,650.

We will follow a buy-on-dip approach for this stock. It can be bought at 1,450 with a stop loss below 1,299 for a target of 1,650-1,800.

ABB India: Buy| Target Rs 7000

The stock has given good returns in the last 4 months at current levels and the risk-to-reward ratio is unfavourable.

We would suggest traders to take fresh positions at the Fibonacci level of 6,000 with a stop loss of 4,900 and a target of 7,000

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