​Breakout Stocks: How to trade Aditya Birla Sun Life AMC, Federal Bank and Coforge on Thursday

Sectorally, buying was seen in consumer durables, auto, realty, and IT stocks, while selling was observed in oil & gas, energy, and metal stocks

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Stocks that hit fresh highs include names like Aditya Birla Sun Life AMC, which was up more than 1%, Federal Bank, which gained more than 3%, and Coforge, which closed with gains of nearly 1% on Tuesday.
The Indian market was shut on Wednesday due to a public holiday.

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We spoke to an analyst about how one should approach these stocks on the next trading day, entirely from an educational perspective:
Analyst: Rajat Kulshrestha of My Mudra Fincorp

ET Bureau & Agencies

Today, the stock almost gave a breakout with a strong bullish green candle, rising more than 2.3% in a day. However, it closed below its strong resistance zone of 829–837. This stock should be on the radar, with traders waiting for it to close above the 838 price level.

Once the stock breaks out, the potential target will be Rs 905.35 as T1 and Rs 989 as T2 in the coming days. The strong support and stop-loss are at Rs 772.

The stock has delivered a solid performance over the past year, returning 41%, and 69% in the last six months.

The stock is experiencing good buying pressure and has crossed the 50-day moving average (50MA) on the volume chart.

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The stock has been continuously facing rejections from the resistance zone of 8140–8159 over the last five days. However, this stock should be on the radar for traders looking for a swing trade and waiting for it to close above the 8159 price level.
Once the stock breaks out, the potential target will be Rs 8371 as Target 1, with a stop-loss at Rs 7842.
The stock has delivered a strong performance over the past year with a return of 104%, and 53.5% in the last six months
The stock is experiencing good buying pressure and has crossed the 50-day moving average (50MA) on the volume chart

ETMarkets.com

The stock has been continuously facing rejections from the resistance zone of 8140–8159 over the last two weeks. However, this stock should be on the radar for traders looking for a swing trade and waiting for it to close above the Rs 209 price level
Once the stock breaks out, the potential target will be Rs 217 as Target 1, with a stop-loss at Rs 194
The stock has delivered strong performance over the past year with a return of 39%, and 31% in the last six months

ETMarkets.com