Technical Breakout Stocks: How to trade NBCC, Bajaj Auto and Indian Bank on Monday

Sector-wise, buying was seen in consumer durables, and mid & smallcap stocks while utilities, energy, capital goods, and oil & gas witnessed heavy selling.

The stock is trading in a W pattern on a weekly chart and forming a base near its previous resistance zone, which is a bullish sign. An early sign of upmove is visible on the relative strength chart in comparison to Nifty50 and good support of short-term EMAs 10 and 20 is seen on every decline.

We have collated a list of three stocks that either hit a fresh 52-week high, or 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

The Nifty faced initial resistance around its previous swing high of 22,526. Therefore, for a further rally, it needs to move decisively beyond 22,525. On the lower end, 22,200 might act as support for the short term.

Indian markets closed higher on Friday with the S&P BSE Sensex up by more than 100 points, and buying activity was noticed in metals, realty, telecom, and auto sectors. Stocks that saw significant growth include Cyient, HEG, and Graphite India. An expert cited the potential next resistances in Graphite India at Rs 418, Cyient at Rs 1900, and HEG at Rs 1600. With massive volume accumulation and significant price breakouts, these stocks have been suggested as those to watch. Though it must be noted that providing these observations are solely for educational purposes.

The Interim Budget 2024 and the US Federal Reserve interest rate meeting are expected to cause volatility in the market, but experts believe they will not have a major impact on market sentiment.

The overall sentiment of the market remains positive but experts recommend buying technically and fundamentally sound stocks at the current juncture.

The stock reversed to test the resistance level of 1395 and has been holding above the resistance. The testing of the resistance confirms the breakout of the stock.

Sensex and Nifty settled lower for the second straight session on Wednesday. Sensex declined by 27 points. Nifty holds 22,400 level. Sectorally, buying was seen in utilities, power, public sector and IT stocks while realty, auto, and FMCG stocks saw some selling pressure.

Sectorally, buying was seen in utilities, metal, power, and consumer durable stocks while selling was seen in FMCG, capital goods, realty, and banks