Sunday, October 20, 2024

Breakout Stocks: How to trade RattanIndia, KEI Industries and PCBL on Wednesday

Tuesday, November 21, 2023, 14:42
This news item was posted in Business category and has 0 Comments so far.

Indian market bounced back on Tuesday after falling for two straight days. The S&P BSE Sensex rose over 270 points while the Nifty50 closed above 19750 levels.Sectorally, buying was seen in consumer durables, realty, healthcare and auto stocks while energy, public sector and oil & gas stocks saw some selling pressure on Tuesday.Stocks that were in focus include names like RattanIndia Enterprises which rose over 17% to hit an all-time high, KEI Industries which gained over 6% and PCBL which closed with gains of over 5%.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: Analyst: Kush Ghodasara, CMT, SEBI RA : INH000002137RattanIndia Enterprises Ltd:The stock has given a breakout with heavy volumes to hit a new high on Tuesday. Momentum indicators give an internal crossover, which suggests more upside.The support of 5–10-day average is far away so fresh positions are risky at this price. The existing position can be held with a trailing stop loss at 71. 105392348KEI Industries:The stock has been in a consolidation phase since July but gave a breakout at 2,760 a couple of days back.Indicators are given internal positive crossover and also MACD has given crossover at 0 line suggesting a new buy.Even the 5-day moving average is crossing the 10-day average from below suggesting a fresh for the next 3-4 weeks. A stop loss can be placed below Rs 2780 and a target of Rs 3300. 105392367PCBLThe stock has moved out from an upside trending channel 3 sessions back and is now taking support at the previous resistance line.Indicators are positively placed, and the momentum is suggesting a new buy for the short term with a stop loss at the trend line at Rs 230. The short-term target is placed around Rs 261. 105392375(Subscribe to ETMarkets WhatsApp channel)(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

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