Breakout Stocks: How to trade HDFC Bank, KEC International & Dixon Technologies on Friday?

Sectorally, some buying was seen in realty, utilities and PSU stocks while selling was visible in consumer durables, auto and IT stocks.

Stocks that hit fresh highs include names like HDFC Bank, which pared gains to close with a loss of more than 1%, KEC International rose nearly 3% and Dixon Technologies which pared after hitting fresh highs to close marginally in the green on Thursday.

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: Sanket Thakar, CMT, Founder - Alpha Bot Capital

HDFC Bank has reached its all-time high levels but is currently facing trendline resistance on the weekly charts.

For the uptrend to continue, it needs to sustain above 1,810 for an entire week. The support below lies at the lower trendline at 1,700.

On the short-term charts, KEC International is in a consolidation phase between 1,080 and 1,014. A breakout on either side will confirm the direction of the trend.

Dixon Technologies is in a strong uptrend on larger timeframes, and in the short term, it is approaching its nearest resistance at 16,250. The support below is at the 15,345 level.


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