Technical Breakout Stocks: How to trade Amara Raja Batteries, Raymond and Exide Industries on Wednesday

Sectorally, buying was seen in capital goods, IT and banks while selling was seen in energy, PSU, oil & gas, metal and realty stocks.

Stocks that hit fresh record high include Amara Raja Batteries which rose over 19%, Raymond that rallied more than 7% and Exide Industries that closed with gains of over 1% to hit fresh record highs 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:


Here’s what analyst Priyanka Limaye (CA, CMT) had to say:

In my analysis given on June 6, I had given the target of 1,600 when stock was trading around 1,278. In intraday trade on Tuesday, the stock hit a high of 1,656.


If it manages to sustain decisively above 1,600, one can expect the stock to hit 1,750 and 1,900 targets in coming days with 1,500 as strong support.

In the first week of June, this stock has given a long-term breakout. After that it consolidated in a range. All the technical indicators are positively aligned.


Volume is also picking up, and one can expect 2,950-3,150-3,350 targets in the coming days. 2,600-2,500 stand as strong supports

In my analysis given on May 28, I had given the targets of 565 and 680, when stock was trading around 510. On Tuesday, the stock hit a high of 620.


If it manages to sustain above 620, then it can test 680 and 770 easily. Follow-up volumes are necessary in coming days to achieve the higher targets.


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