Technical Breakout Stocks: How AstraZeneca Pharma, Caplin Point and JB Chemicals are looking on charts for tomorrow’s trade

The Indian market closed in the green for the second consecutive day on Friday, tracking positive global cues.

The S&P BSE Sensex rose more than 200 points, while the Nifty50 closed above the 21,300 mark on Friday.

Sectorally, buying was seen in realty, IT, metal, auto, and healthcare stocks, while selling pressure was seen in the banking space.

Stocks that were in focus include names like AstraZeneca Pharma, which rose more than 13% to hit a fresh high, Caplin Point, which gained more than 8%, and JB Chemicals, which closed with gains of over 9% to hit a fresh record high.

We have collated a list of three stocks that either hit fresh 52-week highs or an 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:

Expert: Mitesh Karwa, Research Analyst Bonanza PortfolioAstraZeneca Pharma: Target Rs 6,000 | Stop Loss: Rs 4,950
AstraZeneca Pharma is seen breaking out of a rounding bottom formation on the weekly timeframe with a bullish candlestick and above-average volumes, which indicates bullish strength.

The stock is making higher highs and higher lows and is trading above all its important EMAs. Traders can buy on every dip that can be initiated towards Rs 5,250, and a stop loss can be placed below Rs 4,950 on a daily closing basis with a target of Rs 6,000.

Caplin Point: Buy | Target: Rs 1,567| Stop Loss: Rs 1,310
Caplin Point is seen breaking out from an upwards-sloping parallel channel pattern, with above-average volumes on the weekly timeframe and has closed with a bullish candlestick on Friday.

The trend is positive, and buying can be initiated at around Rs 1,400 with a stop loss below Rs 1,310 on a daily closing basis, and a target can be placed below Rs 1,567.

image (23)

J.B Chemicals and Pharma: Buy | Target Rs 1,800 | Stop Loss: Rs 1,500
J.B Chemicals and Pharma is seen making higher highs on the weekly timeframe and breaking out of a pole and flag pattern, indicating bullish strength.

Adding to it, the stock is trading above all its important EMAs, which is why buying is recommended only at Rs 1,610-1,618 with a stop loss of Rs 1,500 and a target of Rs 1,800.

image (24)

(You can now subscribe to our 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)

Source link

Leave a comment