Indian market recouped losses to close at record highs on Tuesday, tracking positive cues. The Nifty50 recorded a fresh lifetime high and ended a tad below the 22,200 level for the first time.

The Nifty50 index rose 74 points to close at 22,196. It hit a fresh record high of 22,251 intraday. The S&P BSE Sensex rallied more than 300 points.

Sectorally, buying was seen in banks, realty, power and utilities while IT, auto and metal stocks saw some selling pressure.

Stocks that were in focus on Tuesday include names like CRISIL which hit a fresh record high of 5,250. However, the stock pared gains towards the close of the trade. It has rallied more than 20% so far in February.

The CRISIL stock picked up momentum post-December quarter results in which the domestic rating agency reported an over 30% jump in net profit to Rs 210 crore for the December 2023 quarter.

Other stocks that remained in focus include EIH Hotels which also pared gains after hitting a record high and HFCL which closed with gains of nearly 3% on Tuesday.We have collated a list of three stocks that either hit a fresh 52-week high, or 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 and Founder of Alpha Bot Capital had to say

EIH Hotels

The stock of EIH Hotels has entered its all-time high levels along with a huge volume on Tuesday. But the big volume was followed by a sharp fall in the end.

We witnessed profit booking at higher levels and the stock also closed below the trendline resistance of 425 level.

EIH Hotels has a very high chance of retracing back to its support levels of 378 & 345 in the near future.

CRISIL

CRISIL has given a sharp bull rally this month, and the overall trend remains bullish.

In the intraday charts, it was about to achieve its short-term Flag pattern target at the level of Rs 5,320, which can act as a short-term resistance because of profit booking.

The nearest support areas are the levels of the lower trendline at 4,750.

HFCL

HFCL on the long-term and mid-term charts is witnessing a bullish trend. In the current intraday chart scenario, the stock could move in the resistance level of 117.5 and the support level can be at 97.5.

If HFCL manages to close above the upper trendline, it can hit the 122.5 level in the short term.

(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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