Indian market bounced back on Friday after closing lower on the Interim Budget Day. The S&P BSE Sensex rose more than 400 points while the Nifty50 closed above 21800 levels.
Sectorally, buying was seen in oil & gas, energy, metal, and public sector stocks while selling was seen in the telecom and banking space.
Stocks that were in focus include names like NHPC which was up more than 10% to hit a fresh record high, NBCC rose more than 19% and SJVN closed with gains of more than 11% to hit a fresh record high.
We have collated a list of three stocks that either hit a fresh 52-week high, 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:
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NBCC has given a multi-year breakout from its past 2017 high forming a classic rounding bottom pattern. The breakout has witnessed huge volume as well which is adding more confidence to the bullish side movement.
NBCC is aiming at the 2 nearest Fibonacci extension levels 1st at 195 and 2nd at 224, 3rd being the target of rounding bottom pattern at Rs 260.
NHPC has entered its all-time high levels today with a strong momentum in play. The overall trend is up, but the current short-term upmove seems to be a bit over-extended.
RSI has entered the overbought zone which sees a bit of cooling off in the existing upside rally. The cooling off can bring it back to the lower retracement support of 92.75 & 86.15.
For short-term traders profit booking seems to be a good idea in this counter.
SJVN has entered its all-time high levels and has also achieved its previous flag pattern target. At the current moment, the overall trend remains strongly up but currently, it has entered overbought territory which can cool off the rally for a while.
SJVN could attract short-term profit booking by traders leading it to the price to the nearest retracement support of 131 and 121 levels.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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