Trade Spotlight: Page Industries, Jubilant FoodWorks & L&T Technology Services in focus

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Indian market gained strength for the fifth consecutive day in a row on Thursday as bulls pushed the benchmark indices to fresh record highs.

The S&P BSE Sensex hit a record high of 46,992 while the Nifty50 hit a life high of 13,740.

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 223 points to 46,890 while the Nifty50 closed with gains of 58 points to 13,740.

Sectorally, the action was seen in Finance, Capital Goods, Realty while some profit-taking was seen in Metals, Oil & Gas, and Utilities.

Stocks like Page Industries rose 5 percent, Jubilant FoodWorks rallied nearly 5 percent, and L&T Technology Services rose about 7 percent.

We have collated views of experts on what investors should do on December 18:

Expert: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

Page Industries: Rs 25,800 should be the trend decider level

On December 17 the stock registered a fresh 52-week high of Rs 2,7949.20. This week, it has rallied over 17 percent so far, and the important point is that the stock not only surpassed its previous 52-week high of Rs 24,500 but comfortably managed to sustain above the same.

The sharp surge in the price action surprised most traders. On the daily and weekly charts, the stock has formed a breakout continuation pattern which is grossly positive for a stock like Page Industries.

For the next few trading session, Rs 25800 should be the trend decider level for the breakout traders, and if it sustains above the same then we can expect a continuation of the uptrend towards Rs 30,000.

Further, the uptrend may also continue which could lift the stock towards Rs 31,875. On the flip side, the dismissal of 25800 could possibly trigger a quick short-term correction up to Rs 24,500.

Jubilant FoodWorks: Medium-term structure of Jubilant Food is robust

On December 17, the stock opened on a strong note and registered a fresh all-time high of 2924 but due to consistent profit booking at higher levels, it trimmed some intraday gain.

However, the medium-term structure of Jubilant Food is robust, and on the daily charts, the stock has formed a Higher High and Higher Bottom series formation which clearly suggests an uptrend structure likely to continue in the near-term.

For the positional investors, Rs 2650 should be the sacrosanct support level. If Jubilant Food manages to trade above the same then we can expect an uptrend continuation wave up to Rs 3175 in the medium term.

L&T Technology Services: For the swing traders Rs 1850 should be the key level to watch

The stock has rallied over 7 percent on December 17. On Thursday, the stock opened on a positive note and quickly surpassed the previous resistance level with strong volume activity.

On the short term time frame, the stock has formed a strong price volume breakout pattern. The texture of the pattern suggests breakout action will continue in the near term if the stock succeeds to trade above the Rs 1850 level.

For the swing traders, Rs 1850 should be the key level to watch, and if it trades above the same then we can expect the uptrend to continue up to Rs 2125.