Breakout Stocks: How to trade ICICI Bank, Navin Fluorine & Godfrey Phillips that hit fresh 52-week high?
Indian market closed in the green for the second consecutive day in a row on Monday tracking positive global cues.
Sectorally, buying was seen in power, energy, utilities and oil & gas stocks while selling was seen in banks.
Stocks that hit fresh 52-week high include names like ICICI Bank which pared gains and closed 0.2% lower, Navin Fluorine gained more than 2%, and Godfrey Phillips closed 5% higher on Monday.
We spoke to an analyst on how one should look at these stocks the next trading day, entirely from an educational point of view:
Analyst: Rajat Kulshrestha of My Mudra Fincorp Pvt Ltd
The stock is currently trading at its all-time high of 1,429 and is facing rejection at the 1,425–1,466 price level.
If the price manages to close above the 1,466 level, it could see a strong upside move, with targets at 1,654 and 1,811 as Target 1 and Target 2, respectively. The stop loss will be at the 1,395 level.
The stock has delivered a solid performance over the past year, with a return of 24.52%, and 10% in the last 6 months.
The stock is currently at the breakout level on the daily timeframe and is facing rejection from the strong resistance zone of 8,229–8,537.
If the stock manages to break and close above the 8,537 level, the potential target would be Rs 10,252 (Target 1), with a stop loss at the 7,793 level.
The stock has performed well over the past year, delivering a return of 168% and 28.68% in the last 6 months.
It is experiencing strong buying pressure and has crossed the 50-day moving average on the volume bar in the daily timeframe.
The stock is currently trading near its all-time high resistance zone of 4,782–4,899 and has been rejected from this zone more than four times since 2022.
If the stock manages to break and close above the 4,899 level, the potential target would be Rs 5,762 (Target 1), with a stop loss at the 4,267 level.
The stock has delivered a strong performance over the past year, with a return of 34.85% and 37.46% in the last 6 months.
It is seeing strong buying pressure and has crossed the 50-day moving average on the volume bar in the daily timeframe.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
