Monday, May 13

Technical Breakout Stocks: How to trade Havells India, Concor and ICICI Bank on Monday?

Indian market snapped 5-day winning streak on Friday to close in the red tracking muted global cues.The S&P BSE Sensex fell more than 600 points while the Nifty50 managed to hold on to 22,400 levels.Sectorally, buying was seen in healthcare, realty, public sector and consumer durable while selling was seen in capital goods, auto and banks.Stocks that were in focus include names like Havells India which was up nearly 5% to hit a fresh high, Container Corporation of India closed with gains of more than 6% and ICICI Bank closed lower ahead of results.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: Sanket Thakar, CMT, Founder- Alpha Bot CapitalHavells India: Target Rs 1657-1692| Support 1540Havells has entered its all-time high levels after breakout sharply from a channel pattern on the 2 hourly chart suggesting continuation of its bull rally till 1657 & 1692 levels in the near future. The support level is placed below Rs 1540. 109652470Container Corporation: Support Rs 1010-989Container Corporation is currently in a bullish trend since the breakout of its Cup and Handle pattern which took place on intraday charts 15-days before.Though on Friday, the stock hit an all-time high level and is in a bullish trend, but it is also in a bit of overbought state and could cool down a bit and retrace back to its 23.6 % retracement in the coming days at level of 1036 before continuing its uptrend rally moving forward.Further down, 1010 and 989 will also serve as support areas. 109652473ICICI Bank: Resistance Rs 1170| Support Rs 1096ICICI Bank is on a trendline resistance on the intraday charts, which is currently suggesting that it could again pull back down to its support levels of 1096 & 1087 levels.The fresh trend will resume once the price is sustained above the resistance level which can lead it to 1170 levels on the upside. 109652495(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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