![Ashish Kyal (4)](https://img.etimg.com/thumb/msid-101699993,width-210,height-158,imgsize-7058,resizemode-75/ashish-kyal-4.jpg)
Sectorally, buying was seen in realty, healthcare, and oil & gas stocks, while selling was seen in IT, telecom, utilities, and consumer durable.
Stocks that were in focus include names like Elgi Equipments, which was up 7%, J.B Chemicals & Pharmaceuticals, which gained over 6% to hit a fresh 52-week high, and Delta Corp, which fell more than 23% on Wednesday.
We have collated a list of three stocks that either hit a fresh 52-week high or saw a volume or a price breakout.
We spoke to a trader about how one should look at these stocks the next trading day entirely from an educational point of view:
Expert: Ashish Kyal, CMT, Founder - Waves Strategy Advisors, SEBI Registered Research Analyst
Elgi Equipments
On the weekly timeframe, Elgi Equipments is moving well within a multi-year upward-sloping channel. The stock is following a simple Elliott wave technique.
Primary wave 5 is unfolding on the upside, which is subdividing in nature. In which, wave iii of 5 is unfolding on the upside which suggests that there is still more upward thrust left in the stock.
Prices made a new lifetime high in Wednesday’s session at 623 levels. We have used the Supertrend indicator which helps to identify price movement. Currently, the Supertrend is showing a bullish sign.
Also, from time to time, the Supertrend indicator has acted as a support and resistance to the prices. For now, one can use any dips toward it as a buying opportunity to ride the trend with the target of 680 which is a channel resistance.
![Elgi Elgi](https://img.etimg.com/photo/msid-42031747/et-logo.jpg)
JB Chemicals
JB Chemicals is trading at a lifetime high. The stock was trading in an upwards-tiled channel and has finally given a break above it. MACD has shown a positive crossover.
Along with this, prices have also given a breakout of the upper bands and if able to give a breakout again then further bullish momentum can continue.
Overall signs are suggesting that the trend for the stock is likely to remain positive. Any dips towards the channel i.e. towards 2468 levels can be used as a buying opportunity with targets of 2600 or higher.
![JB JB](https://img.etimg.com/photo/msid-42031747/et-logo.jpg)
Delta Corp
Delta Corp crashed 28% today after the GST Council imposed a levy of 28% GST on online gaming, horse racing, and casinos.
Earlier, the stock was moving in an upward-sloping channel. Prices gave a breakdown of the same and after retesting it a sharp fall was witnessed. Currently stock took support of the trendline.
Any break below it i.e. below 175 levels can accelerate further selling pressure. As the fall was sharp so we can expect some short covering. On the upside, the nearest resistance can be placed at 226 levels.
![Delta Delta](https://img.etimg.com/photo/msid-42031747/et-logo.jpg)
Analyst Disclaimer
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(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price