Sector-wise, buying was seen in healthcare, IT, metals, and consumer durables while some selling was seen in telecom, realty, and public sector stocks.
Focused stocks included
which rose 5 percent, which hit a fresh 52-week high and closed with gains of more than 2 percent, and which closed with gains of almost 2 percent.
All three stocks hit fresh 52-week highs in intraday trading on Thursday.
Here’s what Akhilesh Jat, Category Manager – Equity Research, CapitalVia Global Research suggests investors should do with these stocks as the market resumes trading today:
Deepak Fertilizer: Rs 800 will be the key level to watch
The stock made an all-time high of Rs 839.60, and it also hit the 5 per cent circuit high. The stock has rallied over 40 percent so far this quarter.
In the daily and weekly charts, the stock has built a promising breakout continuation formation that shows the bulls are in total control and the uptrend is likely to continue in the near term.
For breakout traders, Rs 800 will be the key level to watch, but the overall chart structure shows that if the stock sustains the same high (Rs 800) then the breakout continuation texture will continue which can take the stock towards Rs 880-900.
On the flip side, a close below Rs 800 may encourage traders to exit long trading positions.
Adani Power: Rs 330 could be the key level to watch
The stock has rallied over 30 percent so far this quarter. It made an all-time high of Rs 354 on Thursday.
On the daily and intraday charts, the stock is forming a lower series pattern higher which indicates a continuation of the uptrend in the near term.
For trend following traders today, Rs 330 could be a key level to watch. If the stock can trade above the same, then we expect a continuation of the uptrend wave taking the stock up to Rs 370 – 380.
However, below Rs 330, the uptrend will be vulnerable.
Adani Total Gas: Rs 3,200 will be the key support level
The stock hit an all-time high of Rs 3,389 on Thursday. In the quarter so far, it has rallied more than 40 percent. After the Rs 2,750 breakout, the stock has consistently formed a higher bottom formation which is broadly positive.
Short-term stock texture is positive but due to temporary overbought conditions, we may see some profit bookings at higher levels.
For the trend below traders now Rs 3,200 will act as a key support level, above which it can move up to Rs 3,500-3,600.
On the downside, a short-term correction could be below Rs 3,200. Below this, the index will retest the Rs 3,000-2,900 level.
Short-term traders must remain cautious and very selective as there is a risk of getting trapped at higher levels.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not reflect the views of Economic Times)