Indian market reversed gains and closed in the red on Monday as investors preferred to book profits at higher levels. The S&P BSE Sensex fell more than 350 points while the Nifty50 closed below 21,800 levels.

Sectorally, selling was seen in telecom, consumer durables, capital goods, and FMCG stocks while oil & gas, energy, healthcare, and metal stocks saw some buying.

Stocks that were in focus on Monday include names like Tata Motors which rose over 5% to hit a fresh record high, Indian Oil Corporation which closed with gains of over 6% and UCO Bank which was up nearly 14% to hit 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 Kush Ghodasara, CMT (SEBI RA: INH000002137) had to say

Tata Motors: Buy| Target Rs 1,020| Stop Loss Rs 910

The stock has been on a dream run since March 2023, but recently it had created a strong base in the range of 840-860 before triggering a new rally.Though we have got a spinning top, indicators such as RSI are in an overbought zone but internal crossover and MACD support are showing some motive to cross the 1000-mark.

The stock can be bought for the target of Rs 1,020 with a stop loss at Rs 910.


IOC: Buy| Target Rs 189-200| Stop Loss Rs 159

The stock was trading steadily in an upside-trending channel after hitting a low in November at 101 until Monday when it breached the said level on the upside.

Volumes on the breakout have been 10x, which suggests the start of a new era of the stock. Indicators have just approached the overbought zone and suggest some more rallies for the stock in the short term.

Now the resistance line of the channel will act as strong support at Rs 159, which is a new stop loss while the target can be at Rs 189-200.


UCO Bank: No new recommendation

The stock has been trading in the range of 36.60-46.30 for almost six months forming a “rectangular” pattern of consolidation.

Last week, we saw a breakout from the pattern with increasing volumes suggesting some furious short-term rally.

But as RSI is already in an overbought zone, I don’t recommend a new position at current levels but at some correction near 50.


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

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