T20 breakout stocks: Best swing trading stocks to keep an eye on!
Indian markets witnessed a marvellous Monday as after opening with a gap-up, it closed near its day’s high with Nifty settling just shy of 15,900 mark while Sensex settled within striking distance of its important psychological mark of 53,000. The broader markets continued to display its strong performance with Nifty Midcap 100 and Smallcap 100 advancing 1.59 per cent and 0.90 per cent, respectively.
The buoyant mood in the market is likely to continue. Hence, we have chalked out a list of stocks that may see some good action in the near term.
An important point to note here is that these stocks are filtered using price action and volumes. Volume was greater in the last 20 days while the price closed at a 20-day high. We have named it as ‘Twenty-20 breakout system’.
Astral: The stock has witnessed the bulk of the volume in the second half of the trading session along with price rise.
Balkrishna Industries: The stock had formed a bullish Marubozu and also, recorded a fresh high on closing basis.
HEG: The stock has seen a good consolidation and since it has appeared in the T20 breakout system, it has given an indication that after a period of consolidation, the stock has regained its momentum back. Besides, sustaining above Monday’s high could trigger a swing trade.
Oberoi Realty & Prestige Estates: Nifty Realty was on song today as it had gained more than 4.5 per cent and was also the top-performing sector. Interestingly, the stock of Oberoi Realty emerged as the top gainer in this sector as it had formed a bullish Marubozu, which is positive for the stock and also, recorded its highest close. Prestige Estates witnessed a volume of nearly 52.75 lakh shares and interestingly, in a single trading session, the stock has managed to surpass its last week’s volume.
Piramal Enterprises: The stock is nearing its pivot point of stage-3 flat base breakout. It has closed near the day’s high and also, witnessed buying interest throughout the trading session.
Power Finance Corporation: The stock has managed to close near its day’s high and it is witnessing a range breakout and hence, a good stock for swing trading.
PI Industries: The stock has witnessed good buying interest and surpassed its last week’s volume in just a single trading session.
Tata Power: The stock is nearing its flat base breakout point. It has managed to close near its day’s high. Meanwhile, the stock has also witnessed just a little over 40 per cent of volume in the last leg of the trade.