Breakout stocks of the day: Windlas Biotech and Shivalik Bimetal Controls

With price volume support, Windlas Biotech and Shivalik Bimetal Controls are strong positive breakout candidates. The stock price, which is currently trading at Rs 472 and Rs 598, has given a breakout of rounding bottom and rectangle chart pattern respectively. The RSI, ADX, and other technical analysis parameters are in harmony with the breakout. 

Windlas Biotech Ltd  

Daily chart of Windlas Biotech Ltd 

Windlas Biotech’s stock is currently trading with a strong bullish candle and a robust rounding bottom breakout. The buyers were ready to trade in this stock as the stock was ready to breakout, today’s daily volume was higher than the prior trading session. 

The stock opened at Rs 432 on Monday, traded at an intraday low of Rs 431, then surged to a day high of Rs 500. The stock has been in consolidation for the last few trading sessions, accumulating corpus, and has broken over upper resistance, indicating a trend continuation. 

The price of Windlas Biotech has smashed the all-time high with impetus after a breakout with volume increases. With its breakout, it is poised to continue the positive trend. The stock price has reached an all-time high, and it is expected to grow further in the near future because the setup appears to be great. The stock price has surged above its 20-day moving average, indicating that it is striving to set new highs. Today, the stock price had a price volume breakout, allowing this breakout to trade higher. 

The relative strength index has now entered the 65–80 range, indicating that the stock price may rise further. 

In the case of a lower-side retracement, the major support level to watch for during any corrective swings is Rs 425. The overall structure remains favourable for traders as the stock continues to move above all of its important moving averages, indicating a long-term upward trend. 

In a single year, the stock has returned 93.93%. 

Windlas Biotech Ltd. operates as a contract development and manufacturing organization (CDMO). 

Shivalik Bimetal Controls Ltd  

Daily chart of Shivalik Bimetal Controls Ltd  

Shivalik Bimetal Controls’ stock is trading with a green candle and has given a breakout of the rectangle chart pattern with higher-than-average volume. 

On Monday, the stock began at Rs 555 and then climbed to a day high of Rs 614. The stock has been building a rectangle chart pattern for the last 4 months. 

Shivalik Bimetal Controls is broken out of the rectangle chart pattern, which would reverse the negative trend. The stock is trading at its 52-week high and may consolidate for a period. The stock price saw a price volume breakout on Monday, which was accompanied by a volume rise bigger than the daily average. 

The relative strength index has also moved into the 65–80 range, indicating that the stock price may begin to rise sharply in the near future. The ADX indicator line is rising and is now trading at 41, indicating that directional strength is much higher. The stock price is also following moving average levels, as it retraced from the 50-day EMA following a downtrend earlier. 

The 50-day EMA is the fundamental support level to watch for during any corrective movements. The overall structure remains favourable for traders, with the stock trading above all of its major moving averages. 

The stock returned 48.14% of its gains in a year. 

Shivalik Bimetal Controls Ltd. engages in the manufacture and sale of thermostatic bimetal and trimetal strips and parts, parts of color picture tubes, and shunt material. 

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.