Technical Breakout Stocks: How to trade Thermax, Siemens and Adani Power on Thursday

Estimated read time 7 min read

The Indian market snapped a 3-day winning streak to close in the red on Wednesday, tracking muted global cues.

The S&P BSE Sensex fell more than 100 points while the Nifty50 managed to hold on to 22,200 levels towards the close of the trade.

Sectorally, buying was seen in the public sector, power, and capital goods stocks while selling was visible in banks, auto and FMCG space.

Stocks that were in focus on Wednesday include names like Thermax which rose over 8% to hit a fresh record high, Siemens was up more than 7% and Adani Power closed with gains of nearly 2%.

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 what analyst Sanket Thakar (CMT, Founder- Alpha Bot Capital) had to say:

Thermax

Thermax is in an uptrend in both intraday and positional timeframes, after Wednesday’s breakout from Symmetrical Triangle pattern.

It is expected to go for its upper trendline resistance in the coming days at the level of 5,460. The support below is placed at the lower trendline level of 4,586.

Agencies

Siemens

Siemens has been in a strong uptrend for a while now. It has achieved all its previous intraday chart pattern targets, which could attract profit booking by short-term traders at this level.

In the coming few days, it can retrace a bit down at Fibonacci levels 6,959 – 6,787 & 6,650 levels. For positional & long-term investors, the trend still is positive and on the upside.

Siemens India
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Agencies

Adani Power

Adani Power hit its all-time high space with a fresh breakout on intraday charts suggesting a further upside move is in play.

The targets are 656 & 676 in the near future and support is placed below 570 levels.

Adani Power (2)
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Agencies

(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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