T20 breakout stocks: Best swing trading stocks to keep an eye on!
The Indian benchmark indices witnessed a ‘black Monday’ as they plunged over 2 per cent with Nifty slipping below the key psychological mark of 56,000. Meanwhile, Nifty managed to witness a decent recovery from 16,410 levels and closed above the 16,600 mark.
On Friday, Nifty had closed below the 100-DMA while on Monday, it witnessed a strong follow-through move. With this, it breached its prior swing low of 16,782. Since Nifty is below its 100-DMA, we should look as to how many stocks of Nifty 50 are trading below this moving average. The number of stocks below 100-DMA is about 41.
The selling pressure was more severe in the broader market indices with Nifty Midcap 100 and Smallcap 100 slipping 3.62 per cent & 3.99 per cent, respectively.
The chart of Nifty is not an encouraging one at all. Having said that, the sharp correction hauled weekly stochastic oscillators towards the oversold territory and we could see some pullback in the markets, considering the oversold nature of the markets. So, we have prepared a list of stocks based on the T20 breakout system that one can keep in their watchlist.
Here is the list of the stocks:
Axiscades Technologies: The stock had met the criteria of the T20 breakout system. It witnessed good movement in the latter part of the trading session. Hence, it demands attention!
Future Consumer: The stock has made its way into the list as it closed above the 20-day high while its volumes are higher in the last 20 days. Hence, watch out for the stock!
Future Enterprises (FEL): The stock met the criteria of the T20 breakout system. It has managed to close near the day’s high while the volume activity was quite profound in the first half of the day. Hence, keep a close watch on this stock.
Future Retail (FRETAIL): The stock has made its way into the list as it closed above the 20-day high while its volumes are higher in the last 20 days. Moreover, the stock also closed near its day’s high. Hence, watch out for the stock!
Prozone Intu properties: The stock met the criteria of the T20 breakout system and witnessed a trending day. Furthermore, the volume activity was quite profound throughout the day. Hence, keep a close watch on this stock.