T20 breakout stocks: Best swing trading stocks to keep an eye on!
Nifty opened the session with a gap-up and traded with positive bias throughout the day. It was seen extending its early gains in the last leg of the trade. Thus, the index closed near its day’s high and also, above 50-DMA.
Despite registering gains of over a per cent on Wednesday, the daily range of Nifty was about 138 points, which was the lowest in the last four trading sessions. As a result of this, the index has formed a NR4 bar. Going forward, the gap area of Wednesday’s session is likely to act as good support in the near term for the bulls.
Talking about the sectoral performance, barring Nifty PSU Bank, all other sectoral indices ended in green. Nifty Auto led the gains, which was followed by Nifty Media and Nifty Metal.
The broader market indices were also buoyant with Nifty Midcap 100 ending up by 1.14 per cent while Nifty Smallcap 100 added 0.41 per cent.
India VIX also plummeted over 5 per cent and settled below the 19-mark.
With volatility abating and across-the-board buying interest witnessed on Wednesday, we have prepared a list of stocks based on the T20 breakout system, which has the potential to outperform in the near term.
Here is the list of the stocks:
Federal-Mogul Goetze: The stock met the criteria of the T20 breakout system and witnessed a trending day. Furthermore, it managed to close in the top quartile of the range; hence, keep a close watch on this stock.
Prakash Industries: 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. Therefore, watch out for the stock!
National Aluminium Company: The stock had met the criteria of the T20 breakout system. It witnessed good movement in the first hour of the trading session. Hence, keep a close watch on this stock.
Jagran Prakashan: The stock had met the criteria of the T20 breakout system. It witnessed good movement in the second half of the trading session while the volume activity was also quite profound during that time. Hence, it demands attention!
Coal India: 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. Therefore, watch out for the stock!