Sectorally, buying was seen in utilities, power, public sector and IT stocks while selling was seen in realty, auto, and FMCG.
Stocks that were in focus include names like Cochin Shipyard which rose nearly 9% to hit a fresh record high, Adani Power which gained 5% and Nalco which closed with gains of over 5% to hit a fresh record high on Wednesday.
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 Priyanka Limaye (CA, CMT) has to say:
Cochin Shipyard
This stock has been in a good bull run since November 2023. After undergoing consolidation of almost 8-10 weeks, the stock was comfortably holding above 20-day EMA on a weekly basis.The Relative Strength Index (RSI) is trading in an extremely bullish zone. The stock gave a good break out above 940-950 zone, which was acting as resistance earlier.
This week, volumes are pretty good, and the stock is expected to test Rs 1,150 and Rs 1,250 in the short term.
Adani Power
The stock has given a breakout above its earlier high of Rs 432.50 in November 2023. Since then, it has been consolidating in the 485-585 range for almost 4 months.
It has now given a breakout above 590 levels and the RSI has entered an extremely bullish zone on the daily time frame. Levels of 560-590 are likely to act as support zones. The stock can reach new heights of 830-900 zone.
ETMarkets.comNational Aluminium Company (Nalco)
The stock had been consolidating in a range of 139-169 for almost a month and has now given a breakout above 169 levels with good volumes confirming the breakout.
With RSI entering the bullish zone and MACD crossing above zero, the stock is expected to test 200 level in a short span. A stop loss can be placed below Rs150 on a closing basis.
ETMarkets.com(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)