Technical Breakout Stocks: How to trade RIL, Bharti Airtel, and Bombay Burmah today

Jun 30, 2024, 11:18:25 AM IST1/7

Market Summary

The Indian market snapped a 4-day winning streak to close in the red on Friday. The S&P BSE Sensex fell by more than 200 points, while the Nifty50 managed to hold above 24,000.

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Sectoral Watch

Sectorally, buying was observed in metal, healthcare, oil & gas, and energy stocks, while selling pressure was seen in capital goods, telecom, and banking sectors.

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Breakout Stocks

Stocks that hit fresh record highs include names like RIL, which rose more than 2%. Bharti Airtel pared its gains after reaching record highs, while Bombay Burmah Trading Corp surged more than 7% on Friday.

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Analyst Call

We spoke to Mitesh Karwa, Research Analyst at Bonanza Portfolio, about how one should approach these stocks on the next trading day, purely from an educational standpoint:

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RIL: Buy | Target: Rs 3,300 | Stop Loss: Rs 3,040

Reliance Industries is seen to be breaking out of a consolidation range on the weekly timeframe with a big bullish candlestick and above-average volumes which confirms the bullish view.
Buying can be initiated in RIL at current levels of around Rs 3,127-3,130 with a stop loss of Rs 3,040 and a target of Rs 3,300.

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Bharti Airtel: Book Partial Profits

Bharti Airtel opened with a significant gap up and reached a new 52-week high but closed near Thursday’s low, indicating caution for buying at current levels.
Partial profit booking of current holdings can be considered at current levels, as there is a possibility of short-term correction, despite the longer-term trend remaining sideways to bullish.

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Bombay Burmah Trading Corp: Buy on dips | Target: Rs 2,400 | Stop Loss: Rs 1,750

Bombay Burmah Trading Corporation is observed to be breaking out of a rounding bottom formation on the monthly timeframe, accompanied by a bullish candlestick and above-average volumes.Buying can be done on dips of Rs 1,950-1,960 with a stop loss below Rs 1,750 and a target of Rs 2,400.

(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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