Technical Breakout Stocks: How to trade UltraTech Cement, Suven Pharma and Titagarh Rail Systems on Friday

Jun 27, 2024, 09:46:30 PM IST1/7

Market Round-up

The Indian market closed in the green for the fourth day in a row on Thursday to hit fresh record highs.
The S&P BSE Sensex climbed above 79,000 for the first time to hit a record high of 79,396 while the Nifty50 rose above 24,000 mark to hit a record high of 24,087.

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Sectoral Watch

Sectorally, buying was seen in utilities, IT and power stocks while selling was seen in capital goods, industrials and realty stocks.

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Breakout Stocks

Stocks that were in focus include names like UltraTech Cements which was up over 5%, Suven Pharma that rose more than 7% to hit a fresh record high and Titagarh Rail Systems which gained nearly 3% on Thursday.

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​Analyst Call

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

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Suven Pharma: Buy| Target Rs 830-825| Stop Loss Rs 735

Suven Pharma has been in an uptrend after it broke out of a Symmetrical Triangle on 10th June 2024. The pattern is aiming at the target of 830 – 825 levels shortly. The support below is at the level of 735.

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UltraTech Cements: Buy| Target Rs 1,1927-1,2291| Stop Loss Rs 1,1080

UltraTech Cements is in an uptrend trajectory both in long-term and short-term regimes. On the intraday charts, it broke out of a bullish Flag pattern & the targets derived out of the pattern are 11,927-12,291. Support is at the lower trendline at the 11,080 level.

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Titagarh Rail Systems: Buy| Target Rs 1,973-2,121| Stop Loss Rs 1,715

Titagarh Rail Systems is currently in an extremely strong bull trend. On the intraday charts the nearest resistance is at the extension levels of 1,973 & 2,121 whereas the support is there on the below-trendline level at 1,715 levels.
(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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