The S&P BSE Sensex fell over 600 points while the Nifty50 was down 183 points to close at 22,704.
Sectorally, buying was seen in utilities, power, healthcare, and telecom stocks while IT, oil & gas and banks saw selling pressure.
Stocks that hit fresh highs on Wednesday include names like JSW Infrastructure which was up over 2%, Coromandel International pared gains and closed flat with a negative bias and Power Finance fell over 1% after hitting a fresh 52-week 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) had to say:
JSW Infrastructure:
JSW Infrastructure is in a stable uptrend but it’s now going to achieve its previous chart pattern target and is also nearing its resistance zone of 310.
The range of 300 and 310 can lead to a short-term profit booking by traders. If prices manage to break and stay above the upper trendline then the uptrend will continue. On the downside, support is seen below Rs 265.
Coromandel International
Coromandel International had broken out of multiple chart patterns like Cup and Handle and Flag a couple of weeks ago.
The overall trend is positive, and both the chart patterns are aiming at the target of 1,350 levels. On the downside, support is seen below 1,180.
AgenciesPower Finance Corporation
PFC is in a strong uptrend on both long-term and short-term charts. On a short-term basis, the next two resistance levels on the upside are placed at 550 & 575, whereas support is at the lower trendline at 430.
Agencies(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
