The Indian markets closed mixed on Wednesday tracking muted cues. The S&P BSE Sensex shed 45 points while the Nifty50 closed flat.
Buying was seen in oil and gas, industrials, public sector, and capital goods stocks while selling was seen in consumer durables, banks, and IT stocks.
Stocks in focus include names like Bharat Forge, which rallied more than 13% post results, ABB India closed with gains of over 4% to hit a fresh high, and Siemens, which rose over 3% to hit a fresh 52-week high on Wednesday.
We have collated a list of three stocks that either hit a fresh 52-week high, or an all-time high or saw a volume or a price breakout.
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
Bharat Forge
Bharat Forge hit its all-time high levels with sharp volumes. The overall trend is positive and strong.
On the upside, it has broken out of 2 resistance zones on intraday charts on Wednesday suggesting it could touch 1,451-1,517 levels in the near future. The support levels remain below 1,211 levels.
ABB India
ABB India had recently broken out of a bullish flag pattern in the daily chart on the 1st week of May aiming at the short-term targets of 7,233, 7,358, and 7500 in the near future.The trend is extremely bullish and the support below is at 6,254 levels.
Siemens has witnessed multiple breakouts. Currently, it is on the verge of one more breakout on the intraday charts.
If the stock closes above the 6,310 resistance trendline on May 8, then the short-term upside target would be the 6416-6524 level.
The support levels below are at the lower trendline of 6,000-6,100 levels.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
