The S&P BSE Sensex rallied more than 1,200 points to hit a fresh record high of 73,819 while the Nifty50 closed with gains of more than 355 points to close at 22,338.
Sectorally, buying was seen in metal, capital goods, banks, auto, and consumer durables while selling was seen in healthcare and IT stocks.
Stocks that were in focus include names like Tata Investment which was up 5%, ICICI Bank hit a fresh record high and closed with gains of over 3% while Mahindra & Mahindra closed with gains of over 2% on Friday.
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:
Analyst: Mitesh Karwa, Research Analyst Bonanza Portfolio.
Tata Investment
Tata Investment appears to be breaking out of a five-day consolidation with above-average volumes, making a new all-time high on the daily timeframe, confirming the bullish view.Buying can be initiated on dips around 7500 with a stop loss of 7250 and targets of 8000.
ICICI Bank
ICICI Bank seems to be breaking out of an upwards-sloping parallel channel on the daily timeframe with a bullish candlestick and above-average volumes. Additionally, the stock is trading above all its important EMAs.
Hence, a long position can be initiated at the current market price with a stop loss of 1040 for targets of 1180.
ETMarkets.com
Mahindra and Mahindra
Mahindra and Mahindra is seen to be breaking out of a bullish formation on the weekly timeframe with a bullish candlestick and above-average volumes. Moreover, the stock is trading above all its important EMAs.
Therefore, a long position can be initiated, and a buy-on-dip strategy towards 1940-1950 should be used with a stop loss of 1880 and targets of 2100.
ETMarkets.com(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
