The S&P BSE Sensex pared gains but still managed to close in the green on Friday, while the Nifty50 closed above 18,500 levels.
Sector-wise, gains were seen in real estate, autos, energy and oil & gas, while selling was seen in banks, energy, FMCG and utilities.
Stocks that were in focus included names like
which rose more than 5%, which fell nearly 2%, Easy Trip, which fell about 5%, and which closed with gains of more than 5% on Friday.
Here’s what Pravesh Gur, senior technical analyst, recommends investors do with these stocks when the market resumes trading today:
On a longer timeframe, the counter has seen a breakout of a long consolidating horizontal channel formation with huge volume. It is trading above its most important moving averages.
In the shorter time frame, there is a breakout from a reversal head and shoulders pattern on the daily chart, suggesting much more upside potential in this counter.
The momentum indicator RSI is trading above the 50 mark, with a positive bias, while the MACD is already witnessing a crossing of the central line.
On the upside, 64 will be an immediate obstacle, but 74 looks like an immediate target in the near to short term. On the other hand, the 43 level is a strong support level in any correction.
The counter is in a strong uptrend and is in the formation of a flag pattern. It formed a strong base around the breakout level of Rs 60, but Rs 75 is an immediate resistance level where it can stop. But above that it is likely to target Rs 84 levels.
On the other hand, Rs 60 is a major support during any correction, while Rs 55 is the next critical demand level. MACD supports the strength of the current movement.
The counter has closed its declining stage of stage 4 and started forming a long base of stage 1, which is the stage where the base is formed after a decline in the stock price. The longer the horizontal base, the better.
The long base will establish a more significant support level and stock ownership will shift from weak to strong hands.
This is only for very aggressive investors who can buy at CMP of Rs 466 with a stop loss of Rs 400 and a target of Rs 524/564.
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The counter moves into the long channel formation and tries to touch the lower channel line. The underlying structure of the counter is bullish, but there is profit booking in the shorter time frame. It also broke the 200-SMA moving average.
Witnessed a breakdown of the head and shoulders formation on the daily chart. The RSI (Relative Strength Index) momentum indicator is also negatively balanced, while the MACD (Moving Average Convergence Divergence) supports the downtrend.
On the downside, Rs 2500 acts as an important support; below that will also confirm a breakout to Rs 2000 levels.
On the other hand, Rs 3000 is the important resistance; above that, Rs 3200 is the next level to reach.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of Economic Times)