Technical Breakout Stocks: How to trade Inox Wind, Ajanta Pharma and Aurobindo Pharma on Wednesday?

Sectorally, buying was seen in consumer durables while selling was visible in telecom, PSU, banks, metals and oil & gas stocks.

Stocks that hit fresh highs in weak market include names like Inox Wind which rose more than 3%, Ajanta Pharma closed with gains of 3.6% and Aurobindo Pharma was up more than 3% 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:

Analyst: Priyanka Limaye, CA , CMT

This stock has been consolidating for the past several weeks. In the last 2 days, the price action has been very bullish with strong volumes.

Technically, 250 is a significant hurdle point. If it manages to stay above this level, it could start moving towards higher targets of 285 and 300.

Good support exists around 177-135. The RSI is in the super bullish zone, and other technical indicators are positively aligned.

Recently, this stock has given a breakout from a consolidation zone that lasted for around 4 months. 3175 is an immediate resistance point. If it manages to stay above this level, higher targets of 3300 and 3450 can be achieved.

Good support exists around 2540. The RSI and other technical indicators are positively aligned, but follow-up volumes are very much needed.

This stock had given a breakout at 1180 in June 2024, and since then, it has been rising steadily with good volumes.

1500 is a technical indicator; now, follow-up volumes are needed to test higher targets of 1640 and 1700 in the coming days.

Good support exists in the zone of 1250-1200. The RSI has entered the super bullish zone.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)