Breakout Stocks: How to trade Biocon, RBL Bank & HDFC AMC that hit fresh 52-week high?

Synopsis

Indian market closed with a positive bias, as BSE Sensex and Nifty50 saw gains, led by auto, FMCG, realty, and IT sectors. Biocon, RBL Bank, and HDFC AMC hit fresh 52-week highs. Analysts suggest monitoring Biocon for a breakout above 425, RBL Bank for profit-booking, and HDFC AMC's bullish trend with resistance at 5,453.

Market Summary

Indian market closed flat with a positive bias on Wednesday. The BSE Sensex rose more than 60 points while the Nifty50 closed above 25200 levels.

Sectoral Summary

Sectorally, buying was seen in auto, FMCG, realty, and IT stocks while selling was seen in healthcare, capital goods and metal stocks.

Breakout Stocks

Stocks that hit fresh 52-week high include names like Biocon which rose more than 1%, RBL Bank rose 2% and HDFC AMC was up 1.3% on Wednesday.

Analyst Call

We spoke to an analyst on how one should look at these stocks for the next trading day, entirely from an educational point of view:

Analyst: Sanket Thakar, CMT, Founder – Alpha Bot Capital

Biocon

Biocon has faced rejection from the previous active supply zone for the fourth time now, acting as a strong resistance area. Ideally, for bulls, it is safer to enter after a breakout above the resistance at 425.

ETMarkets.com

RBL Bank

RBL Bank, after a strong upside rally, has reached its previous supply zone, which can act as a profit-booking level for traders. The support levels below are at the trendline, at 262 and 245.

ETMarkets.com

HDFC AMC

HDFC AMC has broken out of an ascending triangle pattern on the hourly chart. The overall trend is bullish, with the nearest resistance at 5,453.

ETMarkets.com

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

...moreless

...moreless