Breakout Stocks: How are Tata Motors, BLS International and JBM Auto looking on charts for Friday?

The S&P BSE Sensex closed higher by nearly 500 points at 63,915, while the Nifty50 rose 154 points to close at 18,972.

Sectorally, buying was seen in capital goods, power, healthcare, auto, and oil & gas stocks, while some profit booking was seen in smallcap names.

Stocks that were in focus include names like Tata Motors which rose more than 2%, BLS International gained more than 5% to hit a fresh 52-week high, and JBM Auto rallied more than 12% to hit a fresh 52-week high.

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

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

Analyst: Vivek Mashrani CFA, Director at Technofunda Ventures Private

Tata Motors has given a good base breakout around 522 on the weekly charts but with not much volume. In the absence of a major earnings growth trigger, one can find better opportunities in this market condition.

On the weekly chart, 522 is a strong support and that can be used as a trailing exit for long positions.

ETMarkets.com

BLS International
BLS International has given a good base breakout in the daily time frame but overall price action is a bit volatile. On the weekly charts, it is forming a good base and exit can be trailed below ~200.

Fundamentally, there is a discussion around the IPO of its subsidiary BLS E-Services, which could be a good trigger for the company.

ETMarkets.com

JBM Auto
JBM Auto has given a very strong price volume at multiple bases. Overall, there are good sector tailwinds and earnings growth triggers in this company.

Support zones that can be used to trail exit can be 575, 667, and 859 on a weekly timeframe. The company is still in a strong uptrend with good price-volume action.

ETMarkets.com

Analyst Disclaimer
SEBI Registration number: INH000012272

Financial Interest
Analyst: No
Analyst’s Relative: No
Analyst’s Associate/Firm: No
Financial Interest above 1% or more
Analyst: No
Analyst’s Relative: No

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