Breakout Stocks: How are MRF, Olectra Greentech and Bombay Burmah looking on charts for Wednesday

The Indian market closed higher for the second consecutive day on Tuesday, tracking positive global cues.

The S&P BSE Sensex rallied more than 400 points, while the Nifty50 closed above the 18,700 mark.

Sectorally, buying was seen in realty, consumer durables, telecom, and FMCG stocks, while selling was seen in infrastructure stocks. The NiftyBank closed with gains of 0.3% at Rs 44,079, supported by gains in IDFC First Bank, Bandhan Bank, Axis Bank, and PNB.

Stocks in focus included names like MRF, which closed with gains of over 1%. The stock closed a fresh high above the Rs 100,000 mark for the first time.

Other stocks which remained in focus included names like Olectra Greentech, which rose over 7% to hit a fresh 52-week high, and Bombay Burmah Trading Corp closed with gains of over 10% to hit a fresh 52-week high.

We have collated a list of three stocks that either hit a fresh 52-week high or saw a volume or a price breakout.

We spoke to a trader about how one should look at these stocks the next trading day entirely from an educational point of view:

Analyst: Vaishali Patel, Sr. Research Analyst - Technical, Jainam Broking Limited

MRF
After bottoming in March at around 82,000, the stock has rallied with high volumes to Rs 99933.50. Now, it has made a Classical Chart Pattern, i.e. Rounding Bottom and closing above this high would further take the price to the Pattern target of 1,02,600 to 1,02,925.


Olectra Greentech
The stock price has shown an up move and is in a continuous uptrend. One can also participate in this rally but should wait for a pullback to the Rs 890-880 zone for a higher price of Rs 960-975.


Bombay Burmah (BBTC)
The stock of BBTC has given a breakout above the consolidation of the last year. For the next 5-6 days, Rs 1,074 would be crucial for BBTC, and closing above this would take the price higher to Rs 1,140-1,160.


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