Sectorally, buying was seen in healthcare and auto stocks while power, banks, the public sector, and utilities sectors saw some selling pressure.
Stocks that were in focus on Wednesday include names like IRB Infrastructure (which was up more than 6%), Triveni Engineering (which gained more than 3% to hit an all-time high), and Suzlon Energy (Which rose nearly 5%).
We have collated a list of these three stocks as they have either hit a fresh 52-week high, or an all-time high or saw a volume or price breakout.
We spoke to analyst Hariprasad Kizhakkethara on how one should look at these stocks the next trading day entirely from an educational point of view:
Here’s what Kizhakkethara, SEBI Registered RA (INH200009351), Director of Livelong Wealth has to say:
IRB Infrastructure
On Wednesday, the stock went up to 6.5% in a single day. The stock is now trading at the listing price. It is forming more like a Triangle pattern.
It has given a breakout from the important resistance trendline heading, which has opened room for the stock to head towards Rs 40.40-44 level as T2.
The stock is experiencing good buying interest, and it has crossed its 50-MA in the volumes chart.
Looking at fundamentals, the topline (sales) has been growing at a rate of 10% on a YoY basis for the past 3-year average, and the company has decreased its capex from Rs 8,175 crore to Rs 431 crore.
Triveni Engineering
The stock broke out from its 5-year-old strong resistance zone on Wednesday and made a strong bullish green candle. It has formed an “Ascending Triangle” pattern.
It went up to 5% in a single day. The stock is heading toward its next target, which is placed at Rs 445 and the risk-to-reward ratio is also favourable at 1:2.
Looking at the fundamentals, the stock is doing very well. The topline (sales) has been growing at a rate of 11% on a YoY basis. The net profit has more than doubled on a YoY basis and debtor days have been constant for the last 2 years.
ETMarkets.comSuzlon
The stock went up to 5% in a single day and the overall sentiment of the stock is looking bullish.
The stock took support above a trendline and for the past few days, it has been hitting the upper circuit. The stock is experiencing good buying pressure.
The stock is heading toward its next target of Rs 37.20 level as Target 1 and Rs 45.20 level as Target 2.
Looking at fundamentals, the stock is doing very well. The topline (sales) has been growing at a rate of 44% on a YoY basis.
ETMarkets.com
(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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