The market rebounded with half a percent gains on November 23 after witnessing a sell-off in four consecutive sessions, driven by buying in almost all sectors with metals, pharma, and PSU bank indices being the prominent gainers.
The Nifty50 closed a tad above the 17,500 mark with 87 points gains, and the BSE Sensex gained nearly 200 points to close at 58,664, while the broader markets outpaced the benchmark indices with the Nifty Midcap 100 and Smallcap 100 indices rising 1.76 percent and 1.91 percent, respectively.
Stocks that were in focus include Glenmark Pharma, which was the biggest gainer in the futures and options segment and rallied 10.11 percent to close at Rs 516.70, and Birlasoft, which was the second biggest gainer in the F&O segment, climbing 9.55 percent to Rs 500.35.
Navin Fluorine International was also in focus, rising 6.97 percent to Rs 3,516.55, and Raymond surged 16.13 percent to Rs 588.20.
Here's what Mazhar Mohammad of chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today:
This counter seems to be in a multi-week consolidation phase in the larger zone of Rs 540–480 levels after witnessing a steep fall from the last July highs of Rs 691. However, sharp spike of last trading session on the back of huge volumes may be hinting at a durable bottom.
Nevertheless, upsides in the near term shall remain capped around Rs 540. But a breakout from the consolidation zone of Rs 540 – Rs 480 shall result in a sustainable up move with initial targets close to Rs 600 levels.
Therefore, positional traders can continue to hold with a stop below Rs 490 levels on closing basis, whereas fresh buying can be considered on dip in the zone of Rs 500 to Rs 490.
Broader trend of this counter seems to be sideways. However, decent price appreciation of last trading session seems to be hinting at a tradable bottom around Rs 3,200 levels.
Hence, sustaining above Rs 3,219 levels, this counter can make an attempt to bridge the bearish gap present in the zone of Rs 3,733 – Rs 3,823 levels registered on October 20.
Therefore, positional traders can hold and look for a target of Rs 3,700, where they are advised to book profits. Fresh buying can be considered on dip into the zone of Rs 3,380 – Rs 3,350.
This counter appears to have resumed its uptrend after a brief pause of two weeks as suggested by the large price appreciation of last session on the back of huge volumes. Moreover, last 30 weeks of price action seems to have depicted a well-defined ascending channel with multiple touch points.
Hence, the current strength shall expand towards upper boundary of the channel whose value for the current week is placed around Rs 625 levels.
Therefore, we advise positional traders to book profits around those levels. Fresh buying opportunity shall be considered only on dip into the zone of Rs 560 – Rs 540 with a stop loss below Rs 511 for a logical target of Rs 608.
This counter seems to have resumed its uptrend, with a consolidation breakout, after a pause of almost two months. Though a sharp price appreciation is witnessed on the back of massive volumes, it is nearing critical resistance points on the long-term charts.
Hence, going forward, if the rally sustains then the strength can expand up to Rs 540. However, as risk-reward ratios do not look that favourable, traders, who already own this counter, can consider booking profits in next session if the rally sustains.
Meanwhile any dip into the zone of Rs 480 to Rs 470 can be an opportunity to create fresh longs with a stop below Rs 445 levels.
