T20 breakout stocks: Best swing trading stocks to keep an eye on!
Finally, Nifty has broken out of the 22-day flat base with a renewed bullish bias. It opened with a positive tone and broke out of the flat base after the first half an hour of trade. A decisive close above the 15,900 mark along with a strong bullish candle has put an end to wavering moves.
The broader market indices relatively outperformed the frontline indices with Nifty Mid-cap and Small-cap advancing nearly 0.48 per cent and 1.03 per cent, respectively.
The stock-specific action is likely to continue on D-Street. 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’.
Interestingly, a lot of names have come up from the IT space, which includes large-cap as well as mid and small-cap companies; hence, this sector could be in the limelight in the coming days.
Birlasoft, Cyient, HCL Technologies, Larsen & Toubro Infotech, L&T Technology Services, Tech Mahindra, and Zensar Technologies: You must have heard of the proverb, ‘birds of a feather flock together’. Similarly, all these IT companies appeared in the T20 breakout system, which clearly indicates that this sector is likely to be in the limelight in the near term.
HDFC Asset Management Company: The stock witnessed buying interest throughout the day and the testimony of this is that the stock has formed a sequence of higher high & higher low on the lower timeframe. Moreover, the stock has closed near the day’s high. The stock is scheduled to announce its earnings on July 16.
Hindustan Zinc: This stock met the criteria of the Twenty-20 breakout system. The opening of the day was the lowest point of the day in the stock and thereafter, the stock went on to touch the high of Rs 350.90. The stock is on the verge of a multi-week breakout. Hence, keep a close eye on this stock.
Minda Corporation: This stock belongs to the auto ancillaries category. The stock has managed to close near the day’s high while nearly 95 per cent of the volume activity was seen in the last leg of the trade in this stock. Furthermore, there was a report which mentioned that LIC has bought nearly 1.99 per cent stake in the company during Q1.
Syngene International: The stock is on the verge of a multi-week breakout while volumes recorded on Thursday were the highest-ever seen in the last six months.
Triveni Turbine: The stock is from the power equipment category; it recorded a fresh 52-week high on Thursday.
Multi Commodity Exchange of India: The stock has yet again appeared in the list of T20 breakout systems.
Sobha & Prestige Estate Projects: The stock of Sobha closed near the day’s high and moreover, it’s on the verge of breaking out of multi-year highs. Prestige Estate Projects did cool-off from the day’s high but it recorded the best closing since the second half of February.