Technical Analysis of BreakOut Stocks for Short Term Trading – January 20, 2022

Stocks to Buy for Short Term - Jan 20

by Ruchit Jain Last Updated: Sep 07, 2023 - 05:09 pm 39.8k Views
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Read here about breakout stocks, its meaning and what are the breakout stocks for today.

Breakout Stocks: What are the breakout stocks for today?

A breakout is a phase where stock price moves outside a consolidation with increased volumes. Such breakouts generally lead to good price movement in short term and this is one of the proven method for selecting buy best share to trade for short term. In this column, we inform our readers the breakout stocks today which can be considered as best short term stocks.

We cover the stocks which have given a breakout from the resistance or stocks which have broken their important support levels. Shares which given a breakout above its resistance with good volumes should be referred for bullish trades which stocks which breaks their supports should be referred for bearish trades. 

The stocks given are for reference and traders are advised to take their own decision and trade with proper money management.
Today, we have picked two stocks which have given a breakout (or breakdown) from a consolidation phase as per technical analysis.


Best Stocks to Trade for Short Term

1. Power Grid Corporation of India Limited (POWERGRID):

Power Grid Price Chart

Image Source: Falcon


The PSU stocks have recently gained investors attention which can be seen from the rising volumes in the PSU names. Within this space, Powergrid has been forming a ‘Higher Top Higher Bottom’ structure which is a sign of an uptrend. In last few weeks, the stock has seen a consolidation phase within an uptrend which seemed to be a time wise correction. In today’s session, the stock has given a breakout from this consolidation indicating a resumption of its uptrend. The volumes in breakout are better than its daily average while the RSI oscillator is indicating an increasing momentum.

Thus, short term traders can look to trade with a positive bias and buy in the range of Rs.214-212 for potential targets of Rs. 220 and Rs. 230 in next 1-2 weeks. One can place a stop loss below Rs. 205 on long positions. 

Power Grid Share Price Target -

Buy Range – Rs.214 - Rs.212

Stop Loss – Rs.205

Target Price 1 – Rs.220

Target Price 2 – Rs.230

Holding Period – 1-2 weeks



2. Time Technoplast Limited (TIMETECHNO):


Time Technoplast Share Price Chart


Image Source: Falcon


This stock had witnessed a decent buying interest during the first half of the calendar year 2021. However, price entered a corrective phase since the month of July and the stock has seen some price-wise as well as time-wise correction in the last few months. The stock consolidated for a long time around its ‘200 DMA’  support and in the last few day’s the prices have picked up momentum along with good volumes. The stock is on the verge of a breakout from its swing high resistance and looking at the price volume action, we expect it to happen soon. We expect an up move in the stock in the short term and hence,one should look for buying opportunities in this stock.

Traders can look to trade with a positive bias and buy in the range of 88-86 for potential targets of Rs.93 and Rs.97 in next 1-2 weeks. One can place a stop loss below Rs.83 on long positions.

Time Technoplast Share Price Target -

Buy Range – Rs.88 - Rs.86

Stop Loss – Rs.83

Target Price 1 – Rs.93

Target Price 2 - Rs.97

Holding Period – 1-2 weeks



Disclaimer:The investments discussed or recommended may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and only after consulting such independent advisors as may be necessary.

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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.

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India is one of the most well-known stock markets in the world, and it is a country of opportunity. If you play your cards well, the stock market may help you increase your fortune significantly. However, only a select few well-known traders are able to consistently earn from stock trading due to its high level of risk. Who are these well-known dealers, then? And just what secrets do they hold? Let's investigate.

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Movement of the Day Analysis Strengths - Strong Momentum: Price above short, medium and long term moving averages from 5days to 200 simple moving averages respectively.