Breakout Stocks: How to trade Biocon, RBL Bank & HDFC AMC that hit fresh 52-week high?
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Indian market closed flat with a positive bias on Wednesday. The BSE Sensex rose more than 60 points while the Nifty50 closed above 25200 levels.Sectorally, buying was seen in auto, FMCG, realty, and IT stocks while selling was seen in healthcare, capital goods and metal stocks.Stocks that hit fresh 52-week high include names like Biocon which rose more than 1%, RBL Bank rose 2% and HDFC AMC was up 1.3% on Wednesday.We spoke to an analyst on how one should look at these stocks for the next trading day, entirely from an educational point of view:Analyst: Sanket Thakar, CMT, Founder – Alpha Bot CapitalBiocon has faced rejection from the previous active supply zone for the fourth time now, acting as a strong resistance area. Ideally, for bulls, it is safer to enter after a breakout above the resistance at 425.RBL Bank, after a strong upside rally, has reached its previous supply zone, which can act as a profit-booking level for traders. The support levels below are at the trendline, at 262 and 245.HDFC AMC has broken out of an ascending triangle pattern on the hourly chart. The overall trend is bullish, with the nearest resistance at 5,453.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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