Breakout Stocks: How to trade UTI AMC and Poly Medicure which hit fresh record highs on Monday?

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Nov 03, 2024, 11:16:09 AM IST

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Market Summary

Indian market closed in the red for the second consecutive day in a row on Thursday.
The S&P BSE Sensex fell more than 500 points while the Nifty50 managed to hold on to 24,200 levels

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Sectoral Summary

Sectorally, buying was seen in power, healthcare, capital goods, and infra stocks while selling was visible in banks, consumer durables and IT stocks

iStock

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Breakout Stocks

Stocks that hit fresh record highs include names like UTI Asset Management Company which was up more than 3% and Poly Medicure closed with gains of more than 2% to hit fresh record highs on Thursday

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Analyst Call

We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view:
Analyst: Rajat Kulshrestha of My Mudra Fincorp Pvt Ltd

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UTI AMC

UTI AMC’s stock previously broke out with a strong bullish green candle, rising more than 12% in a single day.
Afterward, it retested following a period of sideways movement. Now, it has returned to its breakout level, indicating potential for an upside move.
The price is now heading toward its target levels, with Rs 1909.35 as T1 and Rs 2108 as T2 in the coming days. Strong support and stop-loss are set at Rs 1045.
The stock has delivered impressive performance over the past year, up 77%, and has gained 28% in the last 3 months.
The stock is experiencing strong buying pressure and has also crossed the 50MA on the volume chart

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poly medicare

The stock gave a breakout after getting rejected twice from the resistance zone of 2611-2681 in the last 7 weeks. The stock formed a big bullish green candle and made a move of around 15% in a single week.
Now, the stock is heading towards its target of Rs 3446 as Target 1 and Target 2, which is Rs 3894. A stop loss can be placed below 2231.
The stock has delivered a good performance over the past 1 year of 104% and 53.5% in the last 3 months.
The stock is experiencing good buying pressure from the buyers and has also crossed even 50MA in the Volumes chart.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

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This article was originally published by Indiatimes.com. Read the original article here.