3 Stocks that Started the Week with ‘Resistance Breakout’!

  • Stock Market Analysis
  • Editors Pick

If you are following this space for a while, you would probably be having a good idea about breakouts by now. If you are looking for stocks that breached a major resistance and could potentially make a splash this week, here are some of the good ones.

Sobha Limited

The first one on the list (in no particular order) is Sobha Limited (NS: SOBH ) which is a real estate developer with a market capitalization of INR 5,949 crores. The stock broke out of a consolidation range on Monday, delivering a good intraday gain of 5.16% to INR 670.05. This was more than a 2-month-long range that the stock broke today.

Daily chart of Sobha Limited with volume bars at the bottom

Image Description: Daily chart of Sobha Limited with volume bars at the bottom

Image Source: Investing.com

I mentioned a couple of days back, that the real estate sector is showing a higher relative strength and therefore should be on the radar. According to the height of the range, the stock could bolster to a high of around INR 700 to INR 715.

Finolex Industries Limited

Finolex Industries Ltd. (NS: FINX ) manufactures polyvinyl chloride (PVC) pipes and fittings, and PVC resins and has a market capitalization of INR 9,816 crores. Just like Sobha, Finolex Industries also gave a range breakout in today’s session, rising above the resistance of INR 170, closing the session 6.7% up at INR 174.35.

Weekly chart of Finolex Industries with volume bars at the bottom

Image Description: Weekly chart of Finolex Industries with volume bars at the bottom

Image Source: Investing.com

But this one was a longer range as the stock was trading sideways since mid-February 2022 and was deadlocked between INR 170 and INR 130. As the bulls have finally won the tug-of-war, a rally to INR 210 could materialize now. 

Tata Steel Limited

The last name on the list is Tata Steel Ltd (NS: TISC ) which is a large-cap miner with a market capitalization of INR 1,28,067 crores. The entire metal space is buzzing for the last few sessions and today the Nifty Metal index surged to an all-time high of 6,835.35. Most of the stocks in this space are looking quite good and Tata Steel is no different.

Daily chart of Tata Steel with volume bars at the bottom

Image Description: Daily chart of Tata Steel with volume bars at the bottom

Image Source: Investing.com

The stock has been rallying for 5 consecutive sessions (including today) gaining a total of 10.4%. Today, it broke above the resistance of INR 113 and is now looking to head to around INR125. Tata Steel is also the cheapest stock in the entire Nifty 50 list, with a P/E ratio of a mere 3.19.

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  • Pramod ss @Pramod ss
    aayush khanna bro finolex industries price will go down a lot.. Will it rise soon?
    Like 0
  • Ravi Valunj @Ravi Valunj
    Globle market down to equity bhi down__
    Like 0
  • NAGASEKHARA BABU @NAGASEKHARA BABU
    sir nifty levels this expiry
    Like 0
  • Sharif Pathan @Sharif Pathan
    very nice sir
    Like 1
  • Sanjay Pandey @Sanjay Pandey
    u r grt sr
    Like 1
  • namami ghosh @namami ghosh
    very good analysis.... :D
    Like 1
  • VIRENDRA KUMAR YADAV @VIRENDRA KUMAR YADAV
    very good Ayush sir
    Like 1
  • Ravi Prakash Choudhary @Ravi Prakash Choudhary
    shobha target price 845 immediate
    Like 0
  • Ravi Prakash Choudhary @Ravi Prakash Choudhary
    tata steel traget 178
    Like 0

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