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Breakout Stocks Of The Day: Carysil And Time Technoplast

15 February 20245 mins read by Angel One
Carysil and Time Technoplast jump on the flag breakout, signalling upcoming momentum in their respective sectors.
Breakout Stocks Of The Day: Carysil And Time Technoplast
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With price volume support, Carysil and Time Technoplast are strong bullish breakout potential stocks. The stock prices have displayed promising technical scenarios and bounced back from support where both presently trading at Rs 1,108 and Rs 203. The price structure aligns with positive signals from technical indicators such as RSI, ADX, and other key metrics, reinforcing the likelihood of continued upward momentum.

Carysil Ltd

Daily chart of Carysil Ltd

Daily chart of Carysil Ltd

Carysil is currently displaying sustained bullish momentum on the daily chart, characterised by a notable breakout of the 52-week high. This breakout is supported by the good volume observed today and on up days, highlighting active buyer participation with substantial daily volume today.

Tuesday’s trading session began at Rs 1029 and reached a peak of Rs 1150. After touching the prior 52-week high the stock has successfully bounced from the same level of the chart, indicating a potential continuation sign of the long-term uptrend.

The current stock price is trading above its prior high, driven by increased volume during a particular trading session, indicating that investors are interested in up moves. In the coming time, the stock price may show momentum with a strong long green candle, it may set Carysil up for a stronger positive trend shift, and the accumulated volume suggests further growth soon. The bounce from the near-lower support, emphasises the stock’s effort to establish new highs.

On the RSI chart, the relative strength index is about to cross the level of 75 with gaining strength, and ADX trading at 35 indicates strong directional strength, favouring volatile movements on either side. In the event of a retracement, it is essential to monitor key support levels prior 52-week high and particularly the level at Rs 900. The minor upper resistance is uncertain, and the overall favourable structure is maintained as the stock consistently trades above crucial moving averages, affirming a sustained long-term upward trend.

Carysil Ltd. engages in the manufacture and distribution of kitchen sinks, faucets, and food waste disposers.

Time Technoplast Ltd

Weekly chart of Time Technoplast Ltd

Weekly chart of Time Technoplast Ltd

Time Technoplast’s current stock performance is characterised by a promising technical setup, trading at Rs 203.30 and has the potential to continue its strong uptrend, accompanied by a significant increase in trading volume today. Currently, the stock price is on the verge of breaking a flag and acting on the same trajectory to move higher.

Starting at Rs 186 on Tuesday, the stock reached an intraday high of Rs 204. The prior uptrend was notable as they followed 28 weeks of strong uptrend, suggesting a likely start of the bullish trend if the price manages to close above new higher highs.

The breakout has occurred with an opening of today’s candle above the all-time high, indicating bullish momentum. After reaching its 52-week high, the stock may witness a rapid ascent in the day trading sessions, following sustained levels near the current 52-week high. The current market action is supported by a surge in volume on up days and dry volume on down days for the stock.

The relative strength index (RSI) recently traded in a bullish range at 68.10, suggesting the potential for a significant upward movement in the stock price is still there, particularly as it continues to trade above this level. The ADX, currently at 13, indicates lower directional strength. The level of Rs 180 serves as a crucial indicator for larger corrective movements after breakout, and the overall market structure favours traders if the stock consistently trades above major moving averages.

Time Technoplast Ltd. engages in the manufacture and sale of plastic products.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.

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