Potential breakout stocks to watch: Info Edge India and 360 One Wam

Info Edge India and 360 One Wam are identified as upside potential stocks based on technical analysis. Both stocks have displayed promising technical setup, including price volume action before and a potential to bounce back and breakout. Currently trading at Rs 5,136.95 and Rs 699.90 respectively, their price structures align with positive signals from technical indicators like RSI and ADX, breakout scenario in coming time.

Info Edge India Ltd 

Daily chart of Info Edge India Ltd

On the daily chart, Info Edge India is presently showing consolidation close near to its prior higher low; the stock price is moving with a indecision candle. The stock price may resume its strong momentum-up advance in the upcoming trading sessions if it is able to cross and close above its prior high level with the support of decent volume compared to current volume. Volume may start to pick up soon

Those who are considering a possible trade in Info Edge India might purchase the stock at the present price with a stop loss of Rs 4,982 and aim to buy above the firm’s all-time high.

The stock price is currently trading above its support level, suggesting that it is likely about to turn short-term bullish once more. The stock appears to be quite neutral when one looks at the Relative Strength Index, which is now trading at 46.32. The ADX of 10 indicates the present state of price momentum, which is probably going with very slow momentum.

In the event of a retracement, it is essential to monitor key support levels, particularly at Rs 4,884. The minor upper resistance is 52-week high, and if the stock starts back-to-back closes above 52-week high, then the stock may consistently trade above current levels.

Info Edge India Ltd. engages in the provision of Internet based services through its web portals and mobile applications.

360 One Wam Ltd 

Weekly chart 360 One Wam Ltd

360 One Wam’s current performance is typified by a favourable technical setup. The company is now trading at Rs 699.90 and consolidating to initiate a fresh uptrend. The stock price is currently trading slightly above the 20-day EMA.

Those interested in a possible trade in 360 One Wam could purchase the stock at the present price, setting a stop loss at Rs 669, and aim for a target price that is higher than the firm’s 52-week high.

The stock is trading above its 50-day highs, and it is expected to find support at these levels going forward, given that it has bounced from them in the past. The prior uptrend of the stock price gained 32.23% of its value. Relative Strength Index is now up from the bottom end, trading at 50.41. This implies that there may be a potential to increase in stock price strength. The ADX, which is now around 21, shows lower momentum and directional strength.

The level at 50-day EMA serving as a crucial indicator for corrective movement and the overall market structure favours traders if the stock crosses and trades above 52-week high.

360 One Wam Ltd. engages in the provision of financial services.

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.