Technical Breakout Stocks: How to trade Infibeam Avenues, SJVN and IRB Infrastructure on Tuesday

The Indian market bounced back on Monday, supported by strong global cues. The S&P BSE Sensex rose over 1,200 points while the Nifty50 closed above 21,700 levels.

Sectorally, buying was seen in energy, oil & gas, utilities, and the public sector while IT and FMCG stocks saw some selling pressure.

Stocks that were in focus on Monday include names like Infibeam Avenues which rose by about 20%, SJVN which rallied nearly 11% and IRB Infrastructure which closed with gains of over 18% to hit a fresh record 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:

Here’s what Ankit Choudhary, Co-Founder of Financial Independence Services, (SEBI Registered Investment Advisors, Registration Number - INA100008939), had to say:

Infibeam Avenues

Infibeam has given a breakout on daily, weekly and monthly charts, but at these levels the risk-to-reward ratio is unfavourable. We would suggest existing investors to hold the stock for a target of Rs 50.

SJVN

We have been suggesting longs on SJVN from 50-60 levels for our ET viewers and it has given great returns as it is now trading at 130 levels.

We would like the stock to retrace to 20-day EMA levels, which is around 100-105 for a fresh entry.

IRB Infrastructure

IRB Infrastructure has given a Cup and Handle breakout at 35 levels on the monthly charts. It is trading at 60 levels now.

We would avoid fresh positions at these levels, and it will be a good buy at 35-40 levels with a stop loss of 24 for long-term wealth creation.

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