The S&P BSE Sensex pared gains but still managed to close in the green on Friday while the Nifty50 closed above the 18,500 level.
Sector-wise, gains were seen in the realty, auto, energy, and oil & gas space while sales were seen in banks, power, FMCG and utilities.
Focused stocks include names such as
which rose by more than 5%, which fell by almost 2%, Easy Trip which fell by about 5%, and which closed with gains of more than 5% on Friday.
Here’s what Pravesh Gour, Senior Technical Analyst, suggests investors should do with these stocks as the market resumes trading today:
In the longer time frame, the counter has seen a breakout from a long consolidating horizontal channel formation with huge volume. It trades above the important moving average.
In the shorter time frame, there is a breakout from the inverse head & shoulders formation on the daily chart, which indicates further upside potential on this counter.
The momentum indicator RSI is trading above the 50 mark, with a positive bias, while the MACD has witnessed a mid-line crossover.
In reverse, 64 would be an immediate obstacle, but 74 seems to be a close target in the short term. On the downside, level 43 is a strong support level in any correction.
Cons are in a strong uptrend and are in a flag pattern formation. It has formed a strong base around the breakout level of Rs 60, but Rs 75 represents an immediate resistance level where it could pause. But above this, it seems to be heading towards Rs 84+ level.
On the downside, Rs 60 is the main support during the correction, while Rs 55 is the next critical demand level. MACD supports the strength of the current move.
the counter has closed its declining stage stage 4 and started the long base formation of stage 1, which is the stage where the base forms after the decline in stock prices. The longer the horizontal base, the better.
A long base will establish a more significant support level, and stock ownership will move from weak hands to strong hands.
This is only for very aggressive investors who can buy at the CMP of Rs 466 with a stop loss of Rs 400 and a target of Rs 524/564.
Adani Transmission: Book profit today| Long term purchase
the counter is traveling in a long channel formation and trying to touch the bottom line of the channel. The primary structure of the counter is bullish, but there is some profit booking seen in the short time frame. It also changes the 200-SMA moving average.
It has witnessed a breakdown of the head & shoulders formation on the daily chart. RSI momentum indicator (relative strength index) is also poised negative, while MACD (moving average convergence divergence) supports the downtrend.
On the downside, Rs 2500 is acting as an important support; Below that, it will also ensure a break down to the Rs 2000 level.
On the upside, Rs 3000 is an important resistance; above this, Rs 3200 is the next level reached.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not reflect the views of Economic Times)