Breakout Stocks: How to trade KFin Technologies & Amber Enterprises on Thursday?
The Indian market closed flat on Tuesday with a negative bias. The BSE Sensex fell 83 points while the Nifty50 managed to close above 23,700 levels.
Sectorally, buying was seen in oil & gas, FMCG, auto and energy stocks while selling was seen in IT, consumer durable, utilities, power and metal stocks.
Stocks that hit fresh record highs include names like KFin Technologies which rose more than 4% and Amber Enterprises closed with gains of over 5% to hit fresh record highs on Tuesday.
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: Priyanka Limaye, CA , CMT
Recently, this stock has given a breakout above a strong technical hurdle around 1320 with very good volumes. Since then, it has been moving higher with increased volumes.
It is now expected to test the higher target of 1650. RSI is in a super bullish zone. All other technical indicators are positively aligned. Support now stands at 1370.
In Tuesday’s session this stock has managed to close above a swing high around 7160 with very good volumes.
If it manages to stay above 7160 then it is highly likely to test the higher targets of 8150 and 8750 respectively in the medium term.
RSI is in the Super bullish zone. All other technical indicators are positively aligned. Support now stands at 6650.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
