2 Breakout Shares for Monday to Keep a Tab on!

  • Stock Market Analysis
Aayush Khanna/Investing.com - Investing.com

The last week ended on quite a positive note, with the benchmark Nifty 50 index rallying 0.97% to 18,499.35, closing at the highest level of 2023. Taking cues from such a sharp rally, all sectoral indices closed in the green.

As the current momentum is positive, here are 2 breakout shares of Friday that can be put on the watchlist for the next week.

Info Edge (India) Limited

Info Edge (India) Ltd (NS: INED ), the holding company of Naukri, 99acres, etc. and has a market capitalization of INR 50,319 crores. The stock is following an uptrend since mid-March 2023 and surged 7.62% to INR 4,197.75 on Friday, closing at the highest level of the year. The stock delivered a massive breakout on the weekly chart and is now gearing up to rally to INR 4400 in the immediate future.

Daily chart of Info Edge (India) with volume bars at the bottom

Image Description: Daily chart of Info Edge (India) with volume bars at the bottom

Image Source: Investing.com

The volume on Friday was also astonishingly high, at 1.68 million shares, which is the highest one-day volume in over 3 months. Traders with a bullish view on this counter can wait for a retracement to INR 4,000 and maintain a stop loss below the recent swing low of INR 3,700.

Zee Entertainment Enterprises Limited

Zee Entertainment Enterprises Ltd. (NS: ZEE ) is a small-cap media and entertainment company, having a market capitalization of INR 17,178 crores. The stock had been in a downtrend for a long time but a probable reversal seems to be taking place now. After falling to a new 52-week low of INR 175.55, the stock made a bullish engulfing candlestick pattern on the daily chart on Friday, gaining 6.68% to INR 190.8.

Daily chart of Zee Entertainment Enterprises with volume bars at the bottom

Image Description: Daily chart of Zee Entertainment Enterprises with volume bars at the bottom

Image Source: Investing.com

Not just that, on a slightly bigger chart, it is also forming a double bottom pattern, which is another reversal signal. The confluence of both these trend-reversing patterns, coupled with highly oversold zones makes for a perfect recipe for a mean reversion trade. On the upside, traders can eye for INR 200 in the immediate future.

Read More: Portfolio: Largest Life Insurance Co. with 16% Upside!

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  • Jitendra Panwar @Jitendra Panwar
    let's watch next week ✌✌
    Like 1
  • Chumki Das @Chumki Das
    i 💕 u
    Like 4
    • Danish Ahmed @Danish Ahmed
      ?
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      • Comment Guidelines

      We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

      • Enrich the conversation
      • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
      • Be respectful. Even negative opinions can be framed positively and diplomatically.
      •  Use standard writing style. Include punctuation and upper and lower cases.
      • NOTE: Spam and/or promotional messages and links within a comment will be removed
      • Avoid profanity, slander or personal attacks directed at an author or another user.
      • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
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