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HCC hit a 52-week high of Rs 46, found support above 200-Days EMA, forming a Symmetrical Triangle pattern. Breakout suggests more upside.
The upward move towards a record high is expected to be seen in the coming sessions.
Nifty faced continuous resistance at one level and closed marginally positive.
Biocon stock broke out from a Symmetrical Triangle pattern last week on the monthly charts, which has opened room for it to head higher and hit fresh multi-year high. The stock remained range-bound in the last 3 months but witnessed a rebound after retesting its 200-Days EMA on the daily chart.
SBI shares had been in a consolidation zone of Rs 720-790 for almost two months now and on Thursday it gave a channel breakout with good volumes. With the Daily Relative Strength Index (RSI) on the verge of entering an extremely bullish zone, this stock can touch the Rs 850-860 zone in the short term.