T20 breakout stocks: Best swing trading stocks to keep an eye on!
Nifty formed an inside bar on the daily chart as the action was confined within the range of the prior trading session.
Indian markets ended the week with modest gains. The benchmark indices oscillated in negative as well as positive terrain before signing off the week on a positive note.
The start to the day was not so pleasant, as the benchmark indices opened with a gap-down, owing to fragile cues from the Asian peers. However, as the day progressed, the benchmark indices recovered smartly from the lower levels. Nifty ended the day at 16,630, up by 0.21 per cent while Sensex ended the day above the 55,500 mark, up by 0.15 per cent.
Nifty formed an inside bar on the daily chart as the action was confined within the range of the prior trading session. Hence, Monday is going to be an interesting session to watch out for as the high and the low of the inside bar is likely to act as a resistance as well as support in the near term.
Talking about the sectoral performance, the majority of the sectors ended in the green, led by Nifty Pharma & Nifty PSU Bank while on the other hand, Nifty Auto and Nifty IT witnessed profit booking.
Going ahead, the stock selection is going to be of paramount importance and hence, we have chalked down a list of stocks that are likely to outperform.
Here is the list of stocks:
Chambal Fertilisers & Chemicals: 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!
Cipla: Among the sectoral indices, Nifty Pharma was the top-performing sector and the company was among the top-performing stocks from this sector. It met the criteria of the T20 Breakout system and therefore, demands special attention.
Gujarat Narmada Valley Fertilisers & Chemicals(GNFC): 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!
JK Paper: The stock has recorded one of the best single-day gains in a long time. Therefore, watch out for the stock!