Breakout Stocks: How Prestige Estates, Bharti Airtel and Escorts are looking on charts for Wednesday’s trade

The Indian equity indices bounced back on Tuesday and closed in the green, recouping losses made in the previous trading session. The S&P BSE Sensex rose more than 550 points while the Nifty50 closed above 19600 levels.

Sectorally, buying was seen in realty, metal, telecom, public sector, and banking stocks.

Stocks that were in focus on Tuesday include names like Prestige Estates (up nearly 10%), Bharti Airtel (that rose nearly 3%) and Escorts Kubota (that closed with over 6% gains to a fresh all-time high).

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 : INH000002137

Bharti Airtel
Data is the new gold, and we could notice that Bharti Airtel’s chart which is trending on the upside channel shows strong momentum in the near future.Indicators are in the overbought zone, but internal crossover has signalled a future upside. On Tuesday, the stock took support exactly at 5–10-day average and moved with volume confirming momentum.

We could test Rs 985 at the resistance level above which we could get to the Rs 1050 mark while the stop loss can be placed at Rs 924.

Prestige Estates
The stock has been trading in an upside channel for the last few months and the momentum has been strong. But we haven’t got enough volume support.

On Tuesday, it tested a breakout outside the channel, but it couldn’t sustain at closing, which suggested waiting for fresh buying after it closed above Rs 778. Existing positions can be held with a trailing stop loss at Rs 689.

Escorts

The stock has been consolidating in a rectangular formation since August in the range of Rs 3000-3375 but on Tuesday it managed to close above resistance with heavy volumes confirming a fresh buy.

Indicators have given bullish crossover to support breakout. Stock can be bought with a stop loss at a 5–10-day average of Rs 3228 for targets of Rs 3680+ in the next few sessions.

(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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