Sectorally, buying was seen in utilities, power, energy and public sector stocks while selling was seen in capital goods and realty space.
Stocks that were in focus include names like KIOCL which was up 20%, Karur Vysya Bank rose more than 4% and Tata Consumer Products pared gains after hitting all-time high to close flat.
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: Kumar Saurabh, Director at Technofunda Ventures Private Limited
Karur Vysya Bank
For the last 1-1.5 years, banks have been doing well due to revival in the credit cycle and cleaning up of NPAs. KVB went through a troublesome decade and went through a turnaround (please refer to Scientific Investing youtube channel Karur Vysya video to understand details of turnaround).
Though the banking sector price performance has not been great in the last few months except PSU banks, the results continue to be good. Even in Q2FY24, most of the bank results so far have been good, including KVB.
With good results, the stock crossed its immediate resistance of 138 around which the stock was consolidating since July’23.One can keep this as stop loss with 1% extra margin and look to build a position and keep track on overall sector and quarterly results.
Tata Consumer Products
The stock has recently made a breakout after two years of consolidation crossing the key resistance band of 837-880 on the weekly charts.
However, looking at the daily chart, we see that we have a long wick on the upper side which might create supply in the short term.
So, there could be a pullback in the stock. One can wait for the pullback and then look for a successful reversal from the 837-880 range for an entry with good risk reward.
ETMarkets.comETMarkets.comKIOCL
All the mining related companies have recently been in great momentum like MMTC, NMDC, KIOCL. However, due to recent runup, KIOCL has gone into back-to-back double 20% circuits and far away from any risk reward points, the last being 335-340.
It is better to wait for new risk-to-reward points to evolve.
ETMarkets.comAnalyst Disclosures:
SEBI Registration number: INH000012272
Financial Interest
Analyst: No
Analyst’s Relative: No
Analyst’s Associate/Firm: No
Financial Interest above 1% or more
Analyst: No
Analyst’s Relative: No
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
