Expert Insights: Technical Breakout Stocks to Watch – Raymond, Avanti Feeds, and Sobha on Monday

The Indian stock market closed positively on Friday for the third consecutive day.

The S&P BSE Sensex went up by more than 1,600 points, while the Nifty50 almost reached the 23,300 levels.

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Among the sectors, there was significant buying in AU Small Finance Bank, Axis Bank, SBI, and Bandhan Bank.

Three stocks stood out: Raymond, which rose over 7%; Avanti Feeds, closing nearly 9% higher, hitting a new record high; and Sobha, ending 7% up, also reaching a fresh high on Friday.

Here’s what an expert had to say about these stocks:

Raymond Ltd:

Raymond has shown a breakout of the Pennant Pattern on the daily chart, suggesting a continuation of the upward trend. Increased trading volume supports this move, indicating strong interest from buyers at the current price. Additionally, the stock price is trading above its 50 and 200-day moving averages (EMA), further confirming the uptrend.

Avanti Feeds:

Avanti Feeds experienced a breakout from a Head & Shoulders pattern, followed by a pullback to the breakout level. The stock has resumed its upward movement, supported by the Base Line and Conversion Line, suggesting a positive trend. The Relative Strength Index (RSI) is also in the higher zone, indicating an uptrend.

Sobha:

Sobha has broken its all-time high on the daily chart, signaling a continuation of the uptrend. Increased trading volume supports this move, indicating strong buying interest. Similar to Raymond, Sobha’s price is above its 50 and 200-day moving averages (EMA), confirming the uptrend. The directional movement index (DI) also indicates an uptrend, with DI+ above DI-, and the average directional index (ADX) above DI-, indicating strength in the upward movement.