How to Trade JSW Infrastructure, Coromandel International, & Power Finance Corporation on Thursday

The Indian stock market closed in the red for the fourth consecutive session on Wednesday, influenced by weak global cues. The S&P BSE Sensex dropped over 600 points, and the Nifty50 fell 183 points to close at 22,704.

Sector-wise, there was buying interest in utilities, power, healthcare, and telecom stocks, while IT, oil & gas, and banking sectors faced selling pressure.

Among notable stocks, JSW Infrastructure rose over 2%, Coromandel International ended flat with a slight negative bias after earlier gains, and Power Finance Corporation fell over 1% after hitting a new 52-week high.

We have highlighted three stocks that either hit a new high, showed significant volume, or had a price breakout. Analyst Sanket Thakar, CMT, Founder of Alpha Bot Capital, shares his insights on how to approach these stocks for the next trading day:

JSW Infrastructure: JSW Infrastructure is in a steady uptrend, nearing its previous chart target and resistance zone around 300-310. Traders might book short-term profits within this range. If the price breaks and holds above this level, the uptrend could continue. Support is seen below ₹265.

Coromandel International: Coromandel International recently broke out from multiple chart patterns like Cup and Handle and Flag. The overall trend is positive, with targets around 1,350 levels. Support is seen below ₹1,180.

Power Finance Corporation: PFC is in a strong uptrend on both long-term and short-term charts. Short-term resistance levels are at 550 and 575, with support at the lower trendline at 430.

These insights are for educational purposes and should be considered as part of a broader trading strategy.