Technical Breakout Stocks: How to trade Maruti Suzuki, CAMS and Britannia Industries on Thursday
1/7
Market Roundup
The Indian market witnessed selling pressure at higher levels as traders preferred to book profits. The S&P BSE Sensex fell over 400 points to close below 80,000 while the Nifty50 also closed with a loss of over 100 points at 24,324.
2/7
Sectoral Watch
Sectorally, buying was seen in FMCG, healthcare, power, utilities and infrastructure space while selling was seen in IT, metal, auto and banks.
3/7
Breakout Stocks
Stocks that hit fresh record highs on Wednesday include names like Maruti Suzuki India which pared gains to close marginally lower, Computer Age Management Services was up over 2% and Britannia Industries closed with gains of more than 1%.
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4/7
Analyst View
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 Priyanka Limaye (CA , CMT) had to say:
Here’s what analyst Priyanka Limaye (CA , CMT) had to say:
5/7
CAMS: CMP Rs 4,088
This stock is in the process of making a classic Rounding Bottom pattern on the weekly time frame. Currently, it is at the breakout point.
At this point, it should stay above 4070-80 with good volumes. If it does, then it will start its journey towards targets of Rs 5,350 and Rs 6,000, respectively.
Technical indicators are positive, and follow-up volumes are necessary for further advance. There is good support for the stock placed around Rs 3,750.
At this point, it should stay above 4070-80 with good volumes. If it does, then it will start its journey towards targets of Rs 5,350 and Rs 6,000, respectively.
Technical indicators are positive, and follow-up volumes are necessary for further advance. There is good support for the stock placed around Rs 3,750.
6/7
Maruti Suzuki: CMP Rs 12,770
This stock has been trapped in a range of roughly Rs 12,000-13,000 for the last almost 4-5 months. If it manages to sustain above 13,075-13,100 with volumes then another 1000-point up move is easily possible.
The levels of 12400 look to be a good support for the stock. Technical indicators like RSI, and MACD are aligned. Volumes will be the Key for breakout.
The levels of 12400 look to be a good support for the stock. Technical indicators like RSI, and MACD are aligned. Volumes will be the Key for breakout.
7/7
Britannia Industries: CMP Rs 5760
Recently, this stock has given a small pattern breakout above 5,270-75 and now it is heading towards its target of Rs 6,100.
All technical indicators are positively aligned. Volumes need to be picked up to push it fast towards the target. The level of 5200-5250 stands as good support, and the RSI is in a super bullish zone.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
All technical indicators are positively aligned. Volumes need to be picked up to push it fast towards the target. The level of 5200-5250 stands as good support, and the RSI is in a super bullish zone.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)