2 Breakout Shares that are Ready to Make a Splash!

Breakouts are one of the best setups to keep track of stocks that can do well in the near future. On Thursday, despite a subtle profit booking, especially in the large-cap space, some stock went on to deliver good breakouts. Here’s a list of 2 such stocks that can be put on the radar in case traders are looking for some good long opportunities.

India Cements Limited

India Cements (NS: ICMN ) is a small-cap cement manufacturer, with a market capitalization of INR 6,535 crores and currently trades at a negative P/E ratio of 38, compared to the sector’s average of 19.81. The stock attracted high investors’ interest in the previous session, as it gained 4.23% to INR 210.9, making it the 5th straight session of gain.

Image Description: Weekly chart of India Cements with volume bars at the bottom

Image Source: Investing.com

The volumes on the rally also picked up as can be seen from the volume bars on the chart which is indicating that the uptrend is reliable. The stock crossed its key hurdle of INR 205 for the first time after it fell below it in January 2023. On the upside, India Cements shares can easily travel to the next resistance of INR 225, which is a pretty strong selling zone. As long as the stock does not break its previous swing low of INR 183, the trend remains positive.

Westlife Foodworld Limited

Westlife Foodworld Ltd (BO: WEST ) is the franchise owner of McDonald’s in India, having a market capitalization of INR 12,918 crores. Although the stock is not trading cheap, with a triple-digit P/E ratio of 115.7, it surged to an all-time high on Thursday which is an extremely bullish signal and does not give any reason to liquidate this stock from the portfolio.

Image Description: Weekly chart of Westlife Foodworld with volume bars at the bottom

Image Source: Investing.com

In fact, the stock also gave a breakout from the neckline resistance of INR 800 of an inverse Head & shoulders chart pattern on the daily time frame, however, as this pattern has been formed at the very top, there is not much of a significance. The stock jumped 7.45% to INR 828.5 and looks all set to keep scaling to new highs. A stop loss below the low of the right shoulder of INR 712 can be placed to capitalize on the impending rally.

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