Technical Breakout Stocks: How to trade KEC International, DMart and JSW Energy on Friday

Indian market ended at fresh closing highs on Thursday tracking positive global cues. The S&P BSE Sensex rose over 300 points while the Nifty50 settled above 22,500.

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

Stocks that were in focus include names like KEC International which was up more than 5%, D-Mart which closed with gains of over 4% and JSW Energy pared gains after hitting a fresh record high but closed with a positive bias on Thursday.


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 analyst Sanket Thakar (CMT), Founder of Alpha Bot Capital, has to say:

KEC International

KEC International has entered its 52-week high but has encountered its intraday chart trendline resistance from where the profit booking has taken place.

The intraday trend is currently in a sideways range, which has resistance at 830 & the nearest support is placed at 750 levels. The overall trend on a monthly and weekly basis is still on the upside.

DMart

DMart has gone through a steady upside rally both in the intraday and positional timeframes. Thursday’s gap-up opening was accompanied by a breakout.

The next major resistance for the stock is placed at 4,764 & 4,864 in the coming days. The support level below is at the trendline level of 4,514.

JSW Energy

JSW Energy breaks out with high energy moving into all-time high levels on Thursday. The intraday charts also witnessed a big breakout showing more strength in the current uptrend.

The upside resistance levels expected in the near term are 616 and 640 whereas the support on the downside is placed at the trendline area of 550.

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