Technical Breakout Stocks: How to trade Quess Corp, CRISIL and MRPL on Tuesday

Indian market closed in the green for the fifth consecutive day on Monday, tracking positive global cues. The S&P BSE Sensex rose nearly 300 points while the Nifty50 closed above 22,100 levels.

Sectorally, buying was seen in consumer durables, telecom, power, and FMCG stocks while metal, capital goods, and realty stocks saw some selling pressure.

Stocks that were in focus on Monday include names like Quess Corp which was up nearly 8% to hit a fresh record high, CRISIL which closed with gains of over 9% and Mangalore Refinery & Petrochemicals Ltd which rallied over 19% on Monday.

We have collated a list of three stocks that either hit a fresh 52-week high, or all-time high or saw a volume or a price breakout.

We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view:

Here’s what analyst Ankit Choudhary Co-Founder, Financial Independence Services, (SEBI Registered Investment Advisors, Registration Number – INA100008939), had to say:

Quess Corp

The stock has given a good breakout on the monthly charts and can be bought at current levels for a target of Rs 700 and long-term targets of Rs 900 with a stop loss of 439 on a closing basis.

CRISIL

We would suggest a ‘buy on dips’ strategy for CRISIL as the stock could again retest its breakout levels of 4,650 -4,700.

At the current levels, the risk-to-reward ratio is unfavourable for fresh positions but existing investors can stay invested for a target of Rs 5,500.

MRPL

MRPL was up by 20% on the back of great quarterly results. The stock could see a gap-up opening on Tuesday morning, but at these levels the risk-to-reward ratio is unfavourable.

We would apply a buy-on-dip strategy and suggest traders enter this stock around 200-210 levels with a stop loss placed around the swing low of 174.

The near-term targets are placed at 300 and 349. The Relative Strength Index (RSI) of the stock is also above 80, which is an overbought zone.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

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