Technical Breakout Stocks: How to trade Shoppers Stop, Bajaj Auto and Zomato on Thursday

Sectorally, buying was seen in FMCG and consumer durables while metal, infrastructure, energy and oil & gas stocks saw selling pressure.

Stocks that hit fresh record highs include names like Shoppers Stop which rose over 8%, Bajaj Auto which gained more than 4% and Zomato which closed with gains of over 1% on Wednesday.

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:

This stock has been forming an Ascending Triangle pattern for quite some time. Its swing high in August last year was 888.5.


If it manages to stay above this level with volumes on the weekly chart, then targets of 1080+ can be achieved.


The Relative Strength Index (RSI) is entering the super bullish zone. Support now stands in the 800-770 range.

This stock has been in a strong uptrend for many days. In Wednesday’s session, it cleared its recent high of 11,154 and rallied to 11,400+.


Now, 11,154 can be considered a support level, with a higher target of 12,000. RSI and other indicators are well-positioned.

The stock is consolidating in the range of 243-278. If it sustains above 278.70 with volume, it can test the higher target of 315.


RSI and other technical indicators need to align positively.



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