Sectorally, buying was seen in telecom, public sector, consumer durables and energy stocks while selling was seen in capital goods, auto and IT stocks.
Stocks that were in focus on Wednesday include names like Ajanta Pharma, which was up more than 6%; Titan Company that closed with gains of over 2% to hit a fresh high and KEC International that rose nearly 3% to hit a fresh high.
We have collated a list of these three stocks that have either hit a fresh 52-week high, or all-time high or saw a volume or a price breakout.
We spoke to analyst Vivek Mashrani on how one should look at these stocks the next trading day entirely from an educational point of view:
Here’s what the CFA, Director at Technofunda Ventures Private Limited, had to say:
Ajanta Pharma
After Tuesday’s correction in the small and midcap space, many pharma stocks gave a good up move by forming a new all-time high on Wednesday.
Ajanta Pharma gave an excellent breakout in daily and weekly timeframe but gave back gains in the second half.
A level of ~1805 would be crucial support (one can trail exit below it) and fundamentally it is a strong company with a robust business model.
ETMarkets.comTitan Company
Titan Company has announced some new innovative products recently and has been holding very well in the current market conditions.
It has also formed a new all-time high and overall the stock is in an uptrend. One can continue to ride it for a longer time horizon and can trail exit below 2770.
ETMarkets.comKEC International
KEC International has formed a new 52-week high but could not sustain and ended the day with a Doji candle (neutral close on weekly timeframe).
It is very volatile in nature and despite the entire sector doing well, it has been a bit of a laggard. In our view, investors can avoid the stock and one can look for better opportunities in this sector.
ETMarkets.comAnalyst Disclosures:
SEBI RA: INH000012272
TECHNOFUNDA VENTURES PRIVATE LIMITED
Financial Interest
Analyst: No (Yes, for Titan)
Analyst’s Relative: No (Yes, for Titan)
Analyst’s Associate/Firm: No
Financial Interest above 1% or more
Analyst: No
Analyst’s Relative: No
Analyst’s Associate/Firm: No
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)