Breakout Stocks: How to trade BASF India, Astrazeneca Pharma and Coforge on Tuesday?

Sectorally, selling was seen in oil & gas, energy, power, infra and utilities while buying was seen in IT stocks.

Stocks that hit fresh record highs include names like BASF India which pared gains after hitting record highs, AstraZeneca Pharma, which closed with gains of over 4% and Coforge closed with gains of over 1% on Monday.

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: Rajat Kulshrestha, Equity Research Analyst at Livelong Wealth

Last week, the stock gave a breakout with a strong bullish green candle, moving more than 12% in a week.


Earlier, the stock had been moving sideways on the weekly frame since July. Now, the price is heading towards its target of Rs. 9,248 as T1 in the coming days, with strong support at Rs. 6,695.


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

Last week, the stock gave a breakout with a strong bullish green candle, moving more than 2.5% in a week after a long consolidation of more than 3 weeks.


The stock is heading towards a target of Rs. 7,589 as Target 1 in the coming weeks, with a stop-loss of Rs. 6,800.

The stock broke through a resistance zone of Rs. 6,592-7,349 with a strong bullish green candle, after moving in a 10-month consolidation.


The stock is heading towards a target of Rs. 10,580 as Target 1 in the coming weeks, with a stop-loss of Rs. 5,447.


The stock is experiencing good buying pressure and has 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)