Technical Breakout Stocks: How to trade Sobha, Torrent Power and Tata Consumer on Friday

The Indian market recovered on Thursday after closing in the red for the last two sessions. The S&P BSE Sensex rose 490 points while the Nifty50 closed above 21,600 levels.

Sectorally, buying was seen in real estate, utilities, telecom and energy, while some selling was seen in auto and metal stocks.

Stocks that were in the spotlight include names like Sobha Ltd. which rose more than 16% to reach a new record, torrent power gained more than 7% and Tata Consumer Products closed with gains of more than 3% to reach a new record.

We've compiled a list of three stocks that hit a new 52-week high or all-time high or experienced a breakout in volume or price.

We spoke with an analyst about how this stock should be analyzed the next trading day from an educational standpoint:

Analyst: Riyank Arora, Technical Analyst, Mehta Equities Ltd

Sobha - 1297

The stock has seen a strong break above its all-time high of 1248 on its daily charts. The overall trend, based on the daily charts, appears positive, with immediate support near the 1240 mark.

Any pullback towards 1250 should offer a good low risk opportunity, with a stop loss placed below the 1190 mark, for potential targets of 1400 and above.Torrent Power - 1015

The stock saw a strong breakout, above its all-time high of 1047, but witnessed some gains towards the end.

The current situation indicates a good low risk buying opportunity with a stop loss placed slightly below the 980 mark for potential targets of 1100 and above.

Tata Consumer - 1125

The stock continually moves in an uptrend, reaching higher and higher highs. As per the current scenario, the overall trend looks positive, with immediate support near the 1070 mark.

Any pullback towards 1100 should now offer a good buying opportunity for potential targets of 1150 and 1200 on the upside, with a safe stop loss placed below the 1070 mark.

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(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own. They do not represent the views of Economic Times)
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Technical Breakout Stocks: How to Trade Sobha, Torrent Power and Tata Consumer on Friday?

Kshitij Anand, ETMarkets
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these: Sobha, Torrent Power, Tata Consumer, sobha shares, Torrent Power Shares, Tata Consumer Stocks

The Indian market recovered on Thursday after closing in the red for the last two sessions. The S&P BSE Sensex rose 490 points while the Nifty50 closed above 21,600 levels.

Sectorally, buying was seen in real estate, utilities, telecom and energy, while some selling was seen in auto and metal stocks.

Stocks that were in the spotlight include names like sobha Ltd, which rose over 16% to hit a new record, Torrent Power gained over 7% and Tata Consumer Products closed with gains of over 3% to hit a new record.

We've compiled a list of three stocks that hit a new 52-week high or all-time high or experienced a breakout in volume or price.

We spoke with an analyst about how this stock should be analyzed the next trading day from an educational standpoint:

Analyst: Riyank Arora, Technical Analyst, Mehta Equities Ltd

Sobha – 1297 rupees

The stock has seen a strong break above its all-time high of Rs 1,248 on its daily charts. The overall trend, as per the daily charts, looks positive, with immediate support near the Rs 1,240 mark.

Any pullback towards Rs 1,250 should offer a good low-risk opportunity, with a stop loss placed below the Rs 1,190 mark, for potential targets of Rs 1,400 and above.

torrent power Rs 1015

The stock saw a sharp breakout, above its all-time high of Rs 1,047, but witnessed some gains towards the end.

The current situation indicates a good low risk buying opportunity with stop loss placed slightly below the Rs 980 mark for potential targets of Rs 1,100 and above.

Tata Consumer Rs 1125

The stock continually moves in an uptrend, reaching higher and higher highs. As per the current scenario, the overall trend looks positive, with immediate support near the Rs 1,070 mark.

Any pullback towards Rs 1,100 should now offer a good buying opportunity for potential targets of Rs 1,150 and Rs 1,200 on the upside, with a safe stop loss placed below the Rs 1,070 mark.

(You can now subscribe to our ETMarkets WhatsApp Channel)

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