3 'Strong Breakouts' on Weekly Chart!

  • Stock Market Analysis
  • Editors Pick

It’s Friday and the best day to look up for the stocks that have done well the entire week. Stocks that have delivered a breakout on the weekly chart are generally more reliable and much cleaner to spot as the volatility which we see daily gets smoothened out on a weekly time frame. 

In fact, the shorter you go on a time frame, the more volatility your would encounter. Hence, a slightly higher time frame is a better option for traders/investors with an outlook for a couple of months. In that vein, here are the 3 breakouts on the weekly chart that are looking quite promising.  

Indiabulls Housing Finance Limited

Indiabulls Housing Finance Ltd (NS: INBF ) is simply a housing finance company with a market capitalization of INR 5,598 crores. The stock delivered a blistering rally in today’s session, closing 11.6% up at INR 138.15. On the weekly chart, the stock also surged past its falling trendline of a symmetrical triangle pattern.

Weekly chart of IBULHSGFIN with volume bars at the bottom

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

Image Source: Investing.com

According to the height of the triangle, the stock now has the potential to move to a level of INR 170 - INR 175 in the next few weeks. The volume was not exceptionally high, but still at 84.6 million shares, its the highest weekly volume since August 2022.

Bharat Heavy Electrical Limited

Bharat Heavy Electricals Ltd. (NS: BHEL ) is a midcap heavy electrical equipment manufacturer with a market capitalization of INR 26,098 crores. The stock rallied 16.25% this week, closing at INR 81.95 on Friday which is comfortably above the crucial resistance of INR 80.

Weekly chart of BHEL with volume bars at the bottom

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

Image Source: Investing.com

In fact, the stock delivered a multi-year breakout, reaching the level of INR 82.25 which is the highest since September 2018. The stock has rallied one-way from the June 2022 lows therefore a retracement might come, but the trend seems strong enough to propel the stock to triple digits soon.

Aditya Birla Capital Limited

Aditya Birla Capital Ltd (NS: ADTB ) is a diversified financial business offering asset management services, life insurance, etc., having a market capitalization of INR 31,177 crores. From March 2021, this stock has virtually gone nowhere, falling from around ~INR 135 to ~INR 90 and then back to around ~INR 135 today.

Weekly chart of AB Capital with volume bars at the bottom

Image Description: Weekly chart of AB Capital with volume bars at the bottom

Image Source: Investing.com

However, the weekly closing at INR 135.3 is the highest ever since September 2018, therefore this time the stock could rally above this resistance for good upside potential. A level of around INR 160 could come on the screen in the next few weeks.

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  • Ganapathy Raman @Ganapathy Raman
    reached 162 👍🏼 and falling now
    Like 0
  • Mandar Kar @Mandar Kar
    kindly provide stock for sip to build portfolio.
    Like 0
  • Rahul Sharma @Rahul Sharma
    Sir plz check ….reverse H&S pattern in nifty on daily chart and on weekly chart also.
    Like 0
    • AMIT MANDHYAN @AMIT MANDHYAN
      i totally agree with u on wkly chart, if the same is correct then ideal target for nifty is 21000 thereabouts
      Like 0
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  • Kamal Mandal @Kamal Mandal
    great and thankyou for your valuable analysis
    Like 1
  • jitendrabhai patel @jitendrabhai patel
    yes. Monday to be gap dn I gess
    Like 0
  • savit kumar gurjar @savit kumar gurjar
    nice sir
    Like 0
  • Manish Agrawal @Manish Agrawal
    do Bank Nifty big Gap Down on Monday?
    Like 0
  • Hemant Dhanorkar @Hemant Dhanorkar
    With Low Vix what shud be the strategy. .. swing trading ...index or Stock Specific. .?
    Like 0
    • Aayush Khanna/Investing.com @Aayush Khanna/Investing.com
      Debit strategies in index options is generally preferred.
      Like 0
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  • Durgaprasad Chikhalonde @Durgaprasad Chikhalonde
    nice prediction good Anaylys
    Like 0
  • Deepak Mule @Deepak Mule
    accumulate? trade? invest?
    Like 0
    • Aayush Khanna/Investing.com @Aayush Khanna/Investing.com
      Your call :)
      Like 0
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  • namami ghosh @namami ghosh
    thanks a lot, Aayush, for the weekly inputs... learning a lot by following you diligently
    Like 1
    • Aayush Khanna/Investing.com @Aayush Khanna/Investing.com
      Lovely! Keep learning.
      Like 0
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