Technical Breakout Stocks: How to trade HPCL, MCX and UTI AMC on Thursday

Sectorally, buying was seen in FMCG, realty and healthcare while selling was seen in energy, banks, IT and metal stocks.

Stocks that hit fresh record highs on Wednesday include names like HPCL which rose over 4%, MCX closed with gains of over 2% and UTI AMC also pared gains but managed to close with a positive bias after hitting fresh record highs.

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 Rajat Kulshrestha, Equity Research Analyst at Livelong Wealth, had to say:

The stock went up by 4.5% in a single day on Wednesday. It has given a Fibonacci level breakout in the daily frame.



It has now broken out from an important Fibonacci resistance level and is heading toward its target, with Rs 469 as T1 and Rs 510 as T2, provided Wednesday's CMP closes above the Rs 439 price level.



The stock is experiencing good buying pressure, and it has even crossed the 50MA on the volumes chart.

The stock recently broke through a strong resistance zone at the 5,172-5,279 level with a strong bullish green candle, after moving in a sideways market.


It went up by 2% in a single day. The price is heading toward its target of Rs 5,956 as T1 and Rs 6,731 as T2.


The stock is experiencing good buying pressure and it has even crossed the 50MA on the volumes chart.

The stock recently broke through a 3-year-old strong resistance zone at the 5,448-5,823 level with a strong bullish green candle.


It is experiencing good buying pressure and is heading toward its next target, with Rs 1,292 as T1 and Rs 1,380 as T2.


The stock is experiencing good buying pressure and it has even crossed the 50MA on the volumes chart.



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