Breakout Stocks: How to trade Aditya Birla Sun Life AMC and Suven Pharma on Wednesday

Sectorally, buying was seen in auto, telecom, oil & gas, banks and metal stocks while selling was seen in IT and FMCG stocks.

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Stocks that hit fresh record highs on Tuesday include names like Aditya Birla Sun Life AMC, Suven Pharmaceuticals (that rose nearly 1%), and Procter & Gamble Health (that rallied over 6%).

ANI

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 what Ankit Choudhary (Co-Founder, Financial Independence Services, SEBI Registered Investment Advisors, Registration Number – INA100008939, BASL Number – 1628) had to say:

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The stock has given a breakout on the monthly charts and can be a good buy at current levels.
We could see targets of 1,400 in next 6-9 Months and T2-2000 in the next 2 years with a strict stop loss placed below Rs 599 on a weekly closing basis.

(Note: Do consult your financial advisor before taking any action.)

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The stock is trading at a 52-week high and has given a Pole and Flag breakout on the weekly charts.

We could see a target of 1,400 but at current levels risk and reward is unfavourable as the stock has almost doubled since June.

(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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