Technical Breakout Stocks: How to trade HEG, Maruti Suzuki and HUL on Tuesday

Indian market closed in the green for the third day in a row on Friday. The S&P BSE Sensex rose nearly 200 points while the Nifty50 closed just a shade below 22,100 levels.

Sectorally, buying was seen in telecom, realty, auto, healthcare, and capital goods while selling was seen in IT stocks.

Stocks that were in focus include names like HEG, which pared gains after hitting a fresh 52-week high, Maruti Suzuki which closed with gains of over 3% to hit a fresh record high, and Hindustan Unilever which recouped losses after hitting a 52-week low on Friday.

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 Mitesh Karwa, research analyst, Bonanza Portfolio, had to say:

HEG Ltd:

HEG Ltd is seen to be near a resistance zone on the weekly timeframe and is expected to remain sideways to the bullish trend.The probability of a continued bullish trend will increase if the stock closes above 1,970 on a daily closing basis. A long position can be initiated only after the stock closes above 1,970 with a stop loss of 1,890 and targets of 2,120.

Hindustan Unilever Ltd

Hindustan Unilever is seen to be making lower highs and lower lows on the weekly timeframe and is trading below all its important EMAs.

The short-term trend for the coming month is expected to remain sideways to bearish, which is why a long position is not recommended at the moment.

The crucial support zones are placed at 2,150-2,080 and long position can only be initiated after a bounce back is seen from crucial support zones.

Maruti Suzuki Ltd

Maruti Suzuki is seen to be making higher highs and higher lows on the weekly timeframe and breaking out of multiple bullish patterns, which confirms the bullish trend.

The trend is expected to continue further in the coming months towards 1,3500. A long position can be initiated on dips towards 12,000 with stop loss of 11,400.

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