5 Breakout Stocks: Ahead of a lifetime high opening

A breakout is defined as price movement above or below a predefined level. A breakout backed by a surge in volumes is considered to be more reliable to act upon.

Oct 25, 2017 03:10 IST India Infoline News Service

What Is a Breakout?

A breakout is defined as price movement above or below a predefined level. A breakout backed by a surge in volumes is considered to be more reliable to act upon.

A trader trading on the basis of breakouts would consider entering a long position once price moves above a resistance level or would consider a short position after price falls below a support level.

The reason breakout chart patterns have gained popularity is they are easy to identify, frequent in occurrence and are the starting point for a reversal in trend or continuation accompanied by a surge in volatility.
With Nifty index opening on a fresh lifetime high, following is the list of stocks that are on a verge of giving a fresh technical chart pattern breakout:

Symbol CMP Chart Pattern View  Potential Move
Syndicate Bank Rs 72.3 Double Bottom Breakout Bullish ~+15%
Gujarat State Fertilizer Ltd. Rs 145.75 Ascending Triangle Breakout Bullish ~+7%
Rallis Rs 252.65 Flag Breakout Bullish ~+10%
Indian Bank Rs 270.25 Double Bottom Breakout Bullish ~+8%
KSCL Rs 573.15 Double Bottom Breakout Bullish ~+5%

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