Technical Breakout Stocks: Garden Reach Shipbuilders could give upto 10% upside; book profits in Mazagon Dock

Buying was seen in utilities, consumer durables, telecom and realty stocks while some selling was seen in FMCG, oil & gas, metal and healthcare stocks.

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.

Stocks that hit fresh all-time high include names like DOMS Industries pared gains after hitting record highs but managed to close with gains of nearly 3%, Garden Reach Shipbuilders & Engineers Ltd rose over 13% and Mazagon Dock closed with gains of more than 7% to hit a fresh high on Tuesday.

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

DOMS Industries is currently trading in an inside ascending channel pattern where it has a resistance on 2116 levels and support at the 1950 level.

It reversed sharply from the resistance zone & there is a high chance that it can go for a support retest (White Trendline) support in a few days.

Garden Reach Shipbuilders & Engineers Ltd: Buy| LTP Rs 1,849| Target Rs 1,972-2,044| Upside 10%


Garden Reach Shipbuilders & Engineers Ltd (GRSE) broke out of a Flag pattern on 13th June, which signaled a continuation of the bull trend aiming at the targets of 1972 & 2044 levels in near future. Support level is at the lower trendline of 1400.

Mazagon Dock has been in a sharp uptrend for a while now & the overall trend at this stage remains to be positive. The RSI has entered the 70+ range.

The previous flag pattern target has also been achieved, this can lead to short-term profit booking by traders which can make it retrace it back to 3972 & 3819 levels.


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