The S&P BSE Sensex plunged over 1600 points while the Nifty50 closed at 21,571, down 460 points on Wednesday.
Sectorally, selling was seen in banks, metals, telecom, and realty stocks while the IT space saw some buying.
Stocks that were in focus on Wednesday include names like Cochin Shipyard which rose over 7% to hit a fresh record high, Capri Global Capital which gained more than 3% and HUDCO which closed with gains of over 4% to hit a fresh high on Wednesday.
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:
Here’s what Anand James, chief market strategist at Geojit Financial Services had to say:
Table of Contents
Cochin Shipyard
Last week, we had advised the downside marker to be placed at 702, to ensure that the enthusiastic rise of last week was not just limited to the ex-split trades.
Having successfully stayed above the said mark, we are well set for the objective of 925 last week.
We are unable to see past the same for the near term, but should declines be limited at 790, we could see the extension in uptrend aiming at 1135.
Capri Global Capital
A shooting star candlestick signals a potential pause in the ongoing uptrend that has returned over 37% gains so far this month alone, not to speak of the stellar returns of last year.
That we have seen near-record volumes hint at long liquidation. However, if declines in the near term are arrested above 890-850, expect the uptrend to resume aiming at 1170 in a couple of months.
HUDCO
A new peak in the face of a broad market sell-off exudes confidence. However, the close was below Tuesday’s low, suggesting rejection trades, even though not by a big margin.
That volume did not rise, suggesting that this counter was free of all long liquidation pressure that would have otherwise exaggerated the day’s volumes.
However, ROC is continuing to diverge away from the rising price, hinting at exhaustion in uptrend, or a sharp reversal. Towards this end, we would be more comfortable in entering the uptrend on dips to 122-107.
(Subscribe to ETMarkets WhatsApp channel)
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Reference :
Reference link
