T20 breakout stocks: Best swing trading stocks to keep an eye on!
Nifty managed to recover from the lows of the day and as per provisional close, it has settled near the neutral line. On one hand, the frontline gauges were seen consolidating while on the other, the broader market continued to stay buoyant as Nifty Midcap 100 and Nifty Smallcap 100 advanced 0.35 per cent and 1.10 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, after a great performance in Q1 by Angel Broking, the stock hit an upper circuit and this had a rub-off effect on other broking stocks.
So here is the list:
Cyient: If you recall, this is the second day in a row where the stock has appeared in the T20 breakout system. On Thursday, the stock announced its April-June quarter results for the financial year 2021-2022. It 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.
DLF: The realty stock, DLF has appeared in the T20 breakout system. Interestingly, it witnessed a multi-year breakout.
Glenmark Pharmaceuticals: Nifty Pharma was among the top gainers in the sectoral indices, which outperformed Nifty index by a wide margin. Hence, pharmaceuticals names appearing in the T20 breakout system should not be missed. The stock has witnessed a breakout of a tight range. Besides, the opening of the day was also the low of the day.
Havells: The stock had gained more than 3 per cent on Friday. Interestingly, it logged its best closing since the first week of June 2021.
Indian Railway Catering & Tourism Corporation (IRCTC): The stock was altogether in a different orbit on Friday as the frontline indices were trading choppy. This stock witnessed a clear trending day.
Motilal Oswal Financial Services & ICICI Securities: Angel Broking got locked at an upper circuit post its earnings announcement and the rub-off effect was quite visible on other broking stocks like ICICI Securities and Motilal Oswal Financial Services. The stock of Motilal Oswal Financial Services has appeared numerous times in the last one month in the T20 breakout system.
Orient Electric: The stock had a clear trending day as it witnessed the formation of higher high & higher low on the shorter timeframe accompanied by good volume.
Vardhman Textiles (VTL): The bulk of the volume in this stock was witnessed in the first hour as well as in the last hour of the trade.