Technical breakout stocks: How to trade Cochin Shipyards, Adani Power, Nalco on Thursday

Indian markets regained morning losses and closed flat on Wednesday with a negative bias. S&P BSE Sensex fell 27 points while Nifty50 held on to his 22400 level.

By sector, utilities, power stocks, public sector stocks and IT stocks were bought, while real estate stocks, auto stocks and FMCG stocks were sold.

Stocks in the spotlight include Cochin Shipyards, which rose nearly 9 per cent to a new all-time high, and Adani Power, which rose 5 per cent and hit a new all-time high after closing over 5 per cent higher on Wednesday. This includes brands such as Nalco.

We’ve compiled a list of 3 stocks that hit new 52-week highs, all-time highs, or saw volume or price breakouts.

We spoke to analysts about how to view these stocks from an educational perspective in the coming trading day.

Analyst Priyanka Limae (CMT, California) said:

cochin shipyard

This stock has been on a steady bull run since November 2023. After nearly 8-10 weeks of consolidation, the stock was comfortably above the 20-day EMA on a weekly basis. The Relative Strength Index (RSI) is trading at very high levels. bullish zone. The stock has successfully broken through the 940-950 zone, which previously served as resistance.

Volume this week has been pretty good and the stock is expected to test Rs 1,150 and Rs 1,250 in the near term.

adani power

The stock has surpassed its previous high of Rs 432.50 hit in November 2023. Since then, it has remained in the range of Rs 485-585 for almost four months.

It has now broken out above the 590 level and the RSI has entered a very bullish zone on the daily time frame. The 560-590 level is likely to act as a support zone. The stock price may reach new heights in the 830-900 zone.

National Aluminum Company (Nalco)

The stock had been consolidating in the 139-169 range for almost a month, but has now broken out above the 169 level, with good volume supporting the breakout.

The stock is expected to test the 200 level in the short term as the RSI has entered the bullish zone and the MACD has crossed zero. Stop loss can be set below Rs150 based on closing price.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of Economic Times)

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