Breakout stocks: Breakout Stocks: How MTAR Technologies, BHEL and Tata Steel are looking on charts for Monday’s trade

The Indian market closed higher on Friday tracking positive global cues. The S&P BSE Sensex rallied more than 500 points, while the Nifty50 closed above 19,400 levels.

Sectorally, buying was seen in metals, utilities, telecom, and public sector while some selling was seen in healthcare stocks.

Stocks that were in focus included names like MTAR Technologies, which was up more than 10%, BHEL, which closed with gains of over 12%, and Tata Steel, which rose more than 3% on Friday.

We have collated a list of three stocks that either hit a fresh 52-week high, or 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 Capital

MTAR Technologies
MTAR Tech has broken its all-time high level and has stayed above the high by giving a weekly closing signifying strength in bulls.

Apart from the current week’s price action, volume has also been at the highest level in the last 2 years. For traders, the immediate targets are at extension levels of Rs 2,883-3,097. Support levels remain at the trendline below Rs 2,200.

BHEL
BHEL has witnessed a powerful upmove starting recently from 60 levels. This move is about to hit a resistance hurdle soon.

The first hurdle is placed at the 200-Months Simple Moving Average (Level 143.5) and the other is at the Trendline (Level 150).

On top of it, the RSI also stands in overbought conditions, adding more power to the resistance zone.
Ideally, this entire cluster of resistance is going to attract profit booking in BHEL once it approaches the resistance territory and BHEL could turn down from there.

Tata Steel
Tata Steel has broken out from a symmetrical triangle chart pattern formation on the upside. The positional target remains at Rs 135-140 levels and the support area is placed at Rs 112 levels. The overall view on Tata Steel remains bullish.

Analyst Disclaimer: I’m not a SEBI registered advisor, please consult your financial advisor before investing any money. All of the above observations are shared for educational purposes only. Views mentioned are of the Analyst.

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

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