The S&P BSE Sensex rallied over 700 points while the Nifty50 closed above the 20,000 mark.
Sectors that were in focus include banks, auto, IT, oil & gas, and capital goods. Selling was seen in realty and consumer durable stocks.
Stocks in focus on Wednesday include names like Aster DM Healthcare which was up over 19%, Borosil Renewables which closed with gains of over 6% and Torrent Power which closed more than 11% higher.
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:
Here’s what analyst Ankit Choudhary Co-Founder, Financial Independence Services, SEBI Registered Investment Advisors, (Registration Number – INA100008939) had to sayAster DM Healthcare
Aster DM was up by 18% on news of the divestment of its Gulf business for 1 billion dollars. We had previously mentioned about a flag breakout on the weekly charts above 340 levels in September.
After hitting both targets, the stock retraced to its 20-EMA and then gave a fresh breakout on Wednesday above 367 and made a high of 399.
Traders can take fresh positions if the stock is able to stay above 400 for more than 15 minutes on Thursday, with a strict small stop loss of 389 and targets of Rs 420.
Torrent Power
Torrent Power made a high of Rs 1004 on Wednesday. In our previous article on the 13th of November, we mentioned taking fresh positions above 840 levels.
At these levels, the risk-to-reward ratio is unfavourable to take fresh positions but if you get this stock around previous breakout levels of 840-860 it could be a good buy with a stop loss of 679 for a Target 1 of 1000 and T2-1200.
ETMarkets.comBorosil Renewables
Borosil Renewables was up by 6%. A perfect reversal W pattern is formed on the daily charts of Borosil.
Fresh positions can be taken above 452 for targets of 472 and 502 with a stop loss of 412. Do trade with strict stop loss to make consistent gains in stock markets.
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(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
