Sectorally, auto, telecom, consumer durables and capital goods stocks witnessed buying, while IT stocks witnessed selling.
Stocks that remained in focus included names such as JK Paper which surged nearly 10% to hit a new record high, Endurance Technologies closed with a gain of nearly 6%, while KEC International rose over 7% to hit a new high on Friday.
We have compiled a list of three such stocks that either hit a new 52-week high, or all-time high, or saw a surge in volume or price.
We spoke to an analyst about how these stocks should look in the next trading day, from a purely educational perspective:
Analyst: Virat Jagad Technical Analyst Bonanza Portfolio Limited
JK Paper Ltd.: BUY
JK Paper Ltd has established a strong resistance zone between Rs 440 and Rs 450 on its daily chart, which witnessed active buying and pushed the stock upwards.
Recent positive price movements indicate buyer dominance, breaking a rounded bottom formation. After a throwback, the stock has resumed its positive trajectory, indicating the possibility of further upside.
Additionally, trading above the key moving averages supports the bullish trend sentiment. The DMI+ overtaking the DMI- confirms the positive momentum, while the ADX is situated above the DMI-, underlining the strong underlying strength in the ongoing uptrend.
Collectively, these indicators signal a favorable outlook for JK Paper Limited, where it can continue its positivity towards the level of 570 with support at 450 points.
ETMarkets.comEndurance Technologies Ltd.: Avoid
After a strong consolidation, Endurance Technologies Limited broke out of the range and we saw a strong rally in the stock, which indicates that the bulls are in power.
However, we saw strong selling at higher levels which resulted in a higher price being recorded, indicating an end to the momentum.
Moreover, we can consider today’s candle as a shooting star candlestick pattern, which is a reversal signal. Hence, we may see some profit booking at the current level. Additionally, the RSI is close to 85, which signals that the stock is overbought and suggests that a period of price correction or consolidation may be coming.
ETMarkets.comKEC International Limited : BUY
KEC International Limited indicated an increase in the parallel channel on a daily basis, indicating an uptrend with volumes supporting the price action, seeing active buying and pushing the stock upwards.
Recent positive price movements indicate buyer dominance, breaking the double bottom structure. After a strong bullish candle, the stock has resumed its positive trajectory, indicating the possibility of further upside.
The price has found support from the fast (21) EMA and slow (50) EMA which will act as support in the coming days. The price trading above the EMA indicates a positive trend while the slow EMA moving upwards also indicates an uptrend.
On the momentum front, the RSI has given a breakout of the falling trend line in line with the price action.
Collectively, these indicators signal a favorable outlook for KEC International Limited, where it can continue its positivity towards the level of 1130 with support at 838 points.
ETMarkets.com,Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
