The close of the week was on a slightly positive note, as the benchmark Nifty 50 index jumped 0.25% to 18,534.1 and Sensex ended 0.19% up at 62,547.11. Most of the sectors ended the session in the green zone with the Nifty Realty index taking the lead, surging 1.42% to 490.85 which is a new 52-week high.
As the mood of the market is still inclined toward the long side, here are 2 breakout shares of Friday that can deliver decent returns in the near future.
FSN E-Commerce Ventures Limited
FSN E-Commerce Ventures Ltd (NS: FSNE ), popularly known as Nykaa is engaged in the business of manufacturing, selling and distributing beauty, wellness, personal care products, etc., having a market capitalization of INR 35,984 crores. Although the stock is in a strong downtrend, having lost a whopping 59% from the listing price, the technical breakout seen on Friday seems a promising one.
Image Description: Daily chart of FSN E-Commerce Venture with volume bars at the bottom
Image Source: Investing.com
The stock delivered a small descending triangle breakout on the daily chart, as it rallied 7.61% to INR 135.75. This technical bounce might help the stock to rally to a strong resistance level of INR 160. However, only upon crossing this hurdle, the medium-term trend of the stock should be deemed to have turned positive. Till then, traders can play for this technical bounce on the long side.
Housing and Urban Development Corporation Ltd
Housing and Urban Development Corporation Ltd (NS: HUDC ) or simply HUDCO is a small-cap specialized finance government company with a market capitalization of INR 11,681 crores and trades at a low P/E ratio of 6.87. On Friday, the stock rallied 5.14% to INR 61.35, which is the highest level since September 2018. After clearing the previous hurdle of around INR 60, the stock is now gearing up to deliver more gains.
Image Description: Daily chart of HUDCO with volume bars at the bottom
Image Source: Investing.com
The nearest level to which it can travel now is around INR 65, which could soon be on the screen. To capitalize on the move, a stop loss can be placed below the previous swing low, at INR 54. This stock is a darling of dividend lovers, and currently trading at a lucrative dividend yield of 5.31%.
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I bought nyka around 123.95 few days. made bottom of 122.went back. di paper trading on trading view.. what's the big red bar on daily. weekly chart of nyka..Like 0
nive on sir, pls check LSIL also , it has also given cup and handle breakout with good volumesLike 1