Breakouts : Some Over , Some waiting to happen !!!!

The previous posts have hilghlited the runaway gains by the Indian bourses the last week and the first 2 trading sessions of this week. The last week,we can say, was completely owned by Breakouts. We saw a lot of stocks breaking out and contributing to the upward move on the Indices.The levels post breakout are already achieved in Banking Stocks like Axis Bank, Yes bank , Kotak Mahindra and other scrips like LIC Housing Finace,etc. This post covers a few stocks which have broken out, and would witness some upmoves in the coming trading sessions. This post covers the bellwether Indsex BSE - Sensex , Tata Chemicals,Sesa Goa,JP Associates &  JSW Steel.

BSE- Sensex :

Apart from the price channel formation, the Sensex also witnessed a symmetric traingle formation, which indicates the rally would be exhausted near the 19300 - 19500 levels. Also, other indicators like the Fibonnacci Retracements and Price Channel Indicators indiacte a capped upside at levels of 19500- 19800( as per the previous post) , this levels should be watched out for!!!

Tata Chemicals :

The chart shows a Symmetrical triangle formation , which has given an upward breakout. The entry point for the Scrip would be above the price level of 330, which confirms the upward trend. The Price target for the scrip is 356, however, there would be some resistance around the levels of 342, which can be looked upon for some profit booking. The Stop Loss for the Scrip is at 324.

 JSW Steel:
This chart is awaiting to break out, which can be witnessed above the levels of 930 (on closing basis). If it does breakout then it would confirm a bullish trend due to Symmetric triangle formation. It could rise to the levels of 1030 with a resistance at 981. The Stop loss for the same would be at levels of 907 - 909.

JaiPrakash Associates:

The scrip may not be fundamentally a good choice, consider the Scam issue still surrounding the sector. However, the stock has a given a bullish break out and could go to the levels of 96 , with a stop loss at the price of 84.

SESA GOA:

This chart has shown a bullish double bottom pattern which has shown a breakout. The price targets for the same is at 292, with the stop loss at 278. This may not be helpful for those who plan to take a fresh position as the stock trades at 286.50, but would be helpful to those who want to book profits.

The break outs hugely depend on the steam left in this rally,which may/may not scale new highs in the 19000 range!!