Sectorally, shopping for was seen in metals, telecom, public sector, and realty whereas some promoting was seen in client durables, healthcare, and energy shares.
Shares that had been in focus embody names like
which closed with positive aspects of over 7%, which rallied greater than 7%, and which closed with positive aspects of almost 6% on Monday.
This is what Jatin Gohil, Technical and By-product Analysis Analyst at Securities recommends traders ought to do with these shares when the market resumes buying and selling at present:
Usha Martin – E-book Revenue
The inventory witnessed a breakout from a symmetrical triangle sample in late-Dec’22 and prolonged achieve fairly quickly, which took it from Rs 150 to its new lifetime excessive of Rs 199.
Presently, the inventory is close to to its breakout goal level of Rs 210. The important thing technical indicators examined the overbought zone on the short-term timeframe chart and should reverse.
Prior to now, the reversal in the important thing technical indicators from such greater ranges has triggered a short-term decline for the inventory.
PNB Housing – Purchase on dips
Persevering with its prior each day rising development, the inventory rose to a 52-week excessive of Rs 579. The inventory is positively poised above its key transferring averages on medium-term in addition to short-term timeframe charts.
The important thing technical indicators are in favor of the bull. We imagine the inventory will proceed its present process optimistic momentum, which may lead it in the direction of Rs 675.
In case of any decline, the inventory will discover help round its 20-day and 50-day EMAs, that are at the moment positioned at Rs 492 and Rs 458, respectively.
Jindal Stainless – Maintain
The inventory prolonged achieve submit surpassing its medium-term provide zone (Rs 220-230) and registered a brand new lifetime excessive of Rs 255. The important thing technical indicators are positively poised on medium-term in addition to short-term timeframe charts.
As per the change in polarity precept, its prior provide zone will work as a requirement zone. The inventory could proceed its northward journey by the point it stays agency above its demand zone of Rs 230-220. In case the inventory violates its demand zone, a short-term decline can’t be dominated out.
(Disclaimer: Suggestions, recommendations, views and opinions given by the consultants are their very own. These don’t characterize the views of Financial Occasions)