AgenciesIndian market closed in the green on Friday for the second consecutive day in a row. The S&P BSE Sensex rallied more than 600 points while the Nifty50 closed above 16,300 levels.
Sectorally, a rally was seen in IT, capital goods, and industrial auto segments while some selling was witnessed in oil & gas, public sector, and energy stocks.
Stocks which remained in focus included names like , which rallied more than 10 per cent, which rose more than 9 per cent, and which plunged over 11 per cent.
Here's what Santosh Meena, Head of Research, , recommends investors should do with these stocks when the market resumes trading today.
Godrej Industries: Buy
The counter is giving strong signs of reversal from the Rs 420 support level, followed by a meaningful correction.
On the upside, Rs 515 looks like an immediate target where it may face some resistance but above this, we can expect a move towards Rs 540-560 levels.
On the downside, Rs 450 will act as strong support. If we look at the momentum indicators, then RSI witnessed a positive crossover followed by a strong positive divergence.
Dr Lal PathLab: Critical resistance placed at Rs 2,200-2,250
The counter is witnessing a sharp bounce back after a vertical fall, however, Rs 2,200-2,250 is a critical resistance and it needs to cross the Rs 2,250 level for a change in the overall trend.
If it manages to cross Rs 2,250 levels, then we can expect a move towards the Rs 2,600-2700 zone otherwise it may again revisit its previous swing low of Rs 1,850.
There are positive crossovers in some momentum indicators, but we need to see a follow-up buying.
Piramal Enterprises: Support placed at Rs 1,600
The counter witnessed a sharp fall followed by a breakdown of Rs 1,850 level, however, it is trading near the very strong support level of Rs 1,600.
If it manages to hold the Rs 1,600 level on a closing basis, then we can expect a recovery towards Rs 1,850 while if it fails to sustain above Rs 1,600, then pressure may continue towards the Rs 1,300 level.
Some of the momentum indicators are trading in oversold territory.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
Sectorally, a rally was seen in IT, capital goods, and industrial auto segments while some selling was witnessed in oil & gas, public sector, and energy stocks.
Stocks which remained in focus included names like , which rallied more than 10 per cent, which rose more than 9 per cent, and which plunged over 11 per cent.
Here's what Santosh Meena, Head of Research, , recommends investors should do with these stocks when the market resumes trading today.
Godrej Industries: Buy
The counter is giving strong signs of reversal from the Rs 420 support level, followed by a meaningful correction.
On the upside, Rs 515 looks like an immediate target where it may face some resistance but above this, we can expect a move towards Rs 540-560 levels.
On the downside, Rs 450 will act as strong support. If we look at the momentum indicators, then RSI witnessed a positive crossover followed by a strong positive divergence.
Dr Lal PathLab: Critical resistance placed at Rs 2,200-2,250
The counter is witnessing a sharp bounce back after a vertical fall, however, Rs 2,200-2,250 is a critical resistance and it needs to cross the Rs 2,250 level for a change in the overall trend.
If it manages to cross Rs 2,250 levels, then we can expect a move towards the Rs 2,600-2700 zone otherwise it may again revisit its previous swing low of Rs 1,850.
There are positive crossovers in some momentum indicators, but we need to see a follow-up buying.
Piramal Enterprises: Support placed at Rs 1,600
The counter witnessed a sharp fall followed by a breakdown of Rs 1,850 level, however, it is trading near the very strong support level of Rs 1,600.
If it manages to hold the Rs 1,600 level on a closing basis, then we can expect a recovery towards Rs 1,850 while if it fails to sustain above Rs 1,600, then pressure may continue towards the Rs 1,300 level.
Some of the momentum indicators are trading in oversold territory.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
now!Read More News on
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
Pick the best stocks for yourself
Powered by