Technical Breakout Stocks: How to trade Raymond, Zensar Technologies and Granules India?

Sectorally, buying was seen in metals, IT and media space while selling was seen in oil & gas, PSU Bank and FMCG stocks.

Stocks that were in focus include names like Granules India which rose more than 4% to hit fresh record highs, Raymond gained nearly 5% and Granules India closed with gains of more than 4% to hit a fresh high on Friday.

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: Virat Jagad, Technical Analyst Bonanza Portfolio Ltd.

Granules India Ltd has established a strong resistance zone between 480 and 485 on its daily chart, where active buying has been driving the stock upward.

Technical indicators suggest a favorable outlook for Granules India Ltd, with potential for continued positivity up to the 550 level, supported by a 460 mark.

After a period of strong consolidation, Zensar Technologies Ltd broke out of its range, displaying significant bullish momentum, indicating that buyers are in control.

Friday's candlestick can be identified as a shooting star pattern, which typically signals a potential reversal and suggests that profit-taking might occur at the current level.

Raymond Ltd has reached levels of all-time high and this marks an important achievement with one of the highest closings recorded over the last 52 weeks.

The strong price action concluded with the formation of a green body candle, which was based on an increase in buying interest.

RSI is trading above its moving average showing an upward momentum is well supported and can continue in the near term.

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