Technical Breakout Stocks: Record highs! How to trade Tejas Networks, Cochin Shipyard and Bharti Airtel on Wednesday

Indian market closed in the green for the third day in a row on Tuesday tracking positive global cues. The S&P BSE Sensex rose 90 points while the Nifty50 closed above 22,300 levels.

Sectorally, buying was seen in FMCG, consumer durables, realty, and telecom stocks while some selling was visible in metal, healthcare, oil & gas and energy stocks.

Stocks that were in focus on Tuesday include names like Tejas Networks, which was up 20%, Cochin Shipyard which closed with gains of over 13% to hit a fresh record high and Bharti Airtel which closed higher by nearly 4% to hit a fresh high.

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:

Here’s what analyst Sanket Thakar (CMT, Founder- Alpha Bot Capital) has to say:

Tejas Networks

Tejas Networks on Tuesday broke out of a Flag pattern formation on the weekly time frame with huge volumes. After the breakout, it may face resistance around 1088.

If the stock manages to stay above this level for the entire week, then the expected level to be seen further is 1200 levels. The overall trend is positive and bullish.

Tejas NetworksAgencies

Cochin Shipyard

Cochin Shipyard has broken out of a Flag pattern on the intraday charts on Tuesday. The upside targets are seen at 1328 & 1412 levels in the coming days.

The overall trend is strongly on the upside, and the support level is seen below at 1020.

Cochin Shipyard (1)Agencies

Bharti Airtel

Bharti Airtel has had a sustainable uptrend rally in the past few days, but it’s currently arriving on the trendline resistance at 1,355 on the intraday charts.

At this level, short-term profit booking can be seen, which can bring the stock down to retracement levels of 1,318 – 1,298 – 1,281 in a few days. Breaking above the trendline can take the price to the 1398 & 1425 range.

Bharti Airtel (1)Agencies

(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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