The Indian market rebounded from early losses to end positively for the third consecutive day. The S&P BSE Sensex recorded a nearly 100-point increase, and the Nifty50 concluded above the 20,100 mark.
In terms of sectors, there was notable buying activity in healthcare, consumer durables, realty, and capital goods, while utilities and banks experienced some selling pressure.
Highlighted stocks include Gail India, surging over 4%, Metro Brands achieving gains of over 2% to reach a new high, and BSE climbing more than 2% to a fresh high on Thursday.
We found three stocks making big moves - hitting new highs or breaking out. We talked to an analyst to get some simple advice on how to approach these stocks for learning purposes on the next trading day.
Here's the insight from analyst Kush Ghodasara, CMT, SEBI Registered Advisor: INH000002137.
Metro Brands
The stock is on a strong run, currently backed by the 5 & 10-day averages at Rs 1310. On Thursday, an inverted hammer pattern and a new high emerged, signaling a potential trend reversal if the next support is broken.
For traders, it's advisable to steer clear of new positions. Existing longs should maintain a tight stop loss at Rs 1310.
GAIL Indian
The stock experienced substantial trading volume on Thursday and successfully broke and closed above the significant support at 131, which held strong for the past few weeks. Technical indicators have yet to reach the overbought zone, indicating a potential opportunity for a new buy. Consider placing a trailing stop loss at Rs 126, targeting Rs 143.
BSE Ltd.
The stock continues its robust performance, supported by the 5 & 10-day averages at Rs 1310. Thursday witnessed an inverted hammer pattern and a new high, indicating a possible trend reversal upon breaking the next support.
Traders are recommended to avoid new positions, while existing longs should uphold a firm stop loss at Rs 1310.
(Note: The recommendations, suggestions, views, and opinions expressed by experts are solely their own and do not necessarily reflect the views of the ISTOCK BAR.)