New Year, New Highs: How to trade in Muthoot Finance, Kaynes Tech, Praj?

Muthoot Finance, Blue Star, Coromandel Fertilisers, Praj, Kaynes Technology, Lloyd Metals, IPCA Labs and Radico Khaitan were the 8 stocks to hit a new life-time high on January 1, 2025.

These 8 stocks, from the NSE 500 basket, have ringed in the New Year 2025 on an upbeat note hitting a new high on the first trading day of the year. Kaynes Technology, Praj Industries, Muthoot Finance, Blue Star Company, IPCA Labs, Coromandel Fertilisers, Lloyds Metals and Radico Khaitan are the 8 stocks.  Meanwhile, the benchmark indices too overcame the initial volatility and were seen trading on a firm note in noon deals. The BSE Sensex recovered from a low of 77,898, and was up 260 points at 78,400 levels. The NSE Nifty 50 index was seen testing the 23,700 levels.  Against this backdrop, here's a trading strategy on select stocks trading at new life-time highs this New Year 2025.  Muthoot Finance  Current Price: Rs 2,171  Upside Potential: 5.5%  Support: Rs 2,151; Rs 2,135; Rs 2,080  Resistance: Rs 2,195; Rs 2,235  Muthoot Finance stock today hit a new high for the second consecutive day and has gained nearly 13 per cent in little more than a month. Technically, the stock is favourably placed on the charts across time-frames with key momentum oscillators on the daily scale in the overbought zone.    The stock needs to sustain above Rs 2,151 for the positive momentum to continue. On the upside, the stock can potentially rally to Rs 2,290 with interim resistance expected around Rs 2,195 and Rs 2,235 levels. On the flip side, in case the stock slips below Rs 2,151 it could drift towards Rs 2,080 with interim support seen at Rs 2,135. CLICK HERE FOR THE CHART  Kaynes Technology  Current Price: Rs 7,650  Upside Potential: 11.1%  Support: Rs 7,390; Rs 7,290; Rs 7,000  Resistance: Rs 7,835; Rs 8,100  Kaynes Technology has witnessed a phenomenal run on the Indian stock exchanges, with Kaynes stock price zooming as much as 880 per cent of almost 10-fold in the last two years. The long-term chart shows that the bias for the stock is likely to remain bullish as long as the stock holds above the Rs 7,390 - Rs 7,290 support zone.  On the upside, the stock could potentially soar to Rs 8,500 levels with interim resistance likely around Rs 7,835 and Rs 8,100 levels. On the flip side, in case the stock violates the support zone, it could dip to Rs 6,740 with interim support likely around the Rs 7,000-mark. CLICK HERE FOR THE CHART  Praj Industries  Current Price: Rs 861  Upside Potential: 9.2%  Support: Rs 842  Resistance: Rs 895; Rs 916  Praj Industries stock is witnessing a breakout on the daily scale after a narrow consolidation in the last one month. The near-term bias for the stock is likely to remain upbeat as long as the stock trades above Rs 842. On the upside, the stock can rally to Rs 940 with interim resistance likely around Rs 895 and Rs 916 levels. CLICK HERE FOR THE CHART