2 Breakout Shares of Tuesday’s Session to Keep a Tab on!

The Nifty 50 index rallied 0.7% to 17,107.5 on Tuesday, after falling to the lowest level since October 2022 in the previous session. The buying from the lower levels has started to support the index, especially amid the suppression of fears over bank runs in the US.

Although the trend is still negative, a bounceback can be witnessed in the next few session which should help a few stocks to soar to higher levels. On that note, here are 2 breakout shares of today’s session that needs to be on the watchlist of bulls.

Indiamart Intermesh Limited

Indiamart Intermesh Ltd (BO: INMR ) is an online marketplace that connects buyers and sellers, having a market capitalization of INR 14,941 crores. The stock had been trading sideways for a long time, essentially going nowhere. It kept on bouncing off between a very wide range, and today, it finally crossed the resistance of INR 5,000, closing 4.04% up at INR 5102.3.

Image Description: Daily chart of Indiamart Intermesh with volume bars at the bottom

Image Source: Investing.com

The volume support was also there as the stock breached a key resistance. A total of 324.1K shares exchanged hands on the NSE, which is roughly 340% higher than the 10-day average volume of 72.3K shares. The nearest level to which it can travel is around INR 5,250. This is another hurdle that if crossed can lead to a massive upside till INR 6,300.

HDFC Asset Management Company Limited

Many AMC and insurance stocks were trading in the green zone, probably in anticipation of a good inflow as the financial year is coming to an end. HDFC Asset Management Company Ltd (NS: HDFA ) is a midcap AMC with a market capitalization of INR 35,815 crores. It had been a clear laggard for a long time, as its 1-year return is a negative 21.9%.

Image Description: Daily chart of HDFC Asset Management Company with volume bars at the bottom

Image Source: Investing.com

Recently, it had been falling in a downward-sloping trend channel and today it broke above the upper trendline resistance which is a trend reversal signal, closing 5.01% up at INR 1,764.2. As the stock is bouncing from a 52-week low, the probability of a mean reversion is high. A rally till INR 1,950 can easily materialize in the next few weeks.

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