iStockThe Indian market closed in the green on Friday for the fourth consecutive day.
S&P BSE Sensex pared gains but still managed to close in the green on Friday while Nifty50 closed above 18,500 levels.
Sectorally, gains were seen in realty, auto, energy, and oil & gas space while selling was seen in banks, power, FMCG and utilities.
Stocks that were in focus include names like which rose over 5%, which fell nearly 2%, Easy Trip which fell by about 5%, and which closed with gains of over 5% on Friday.
Here's what Pravesh Gour, Senior Technical Analyst, recommends investors should do with these stocks when the market resumes trading today:
: Buy
On a longer time frame, the counter has seen a breakout from a long consolidation horizontal channel formation with massive volume. It is trading above its all-important moving averages.
On the shorter time frame, there is a breakout from an inverse head & shoulders formation on the daily chart, which suggests much more upside potential in this counter.
The momentum indicator RSI is trading above the 50 mark, with a positive bias, whereas MACD has already witnessed a centerline crossover.
On the upside, 64 will be an immediate hurdle, but 74 looks like an imminent target in the near-to-short term. On the downside, the 43 level is a strong support level in any correction.
: Buy
The counter is in a strong uptrend and is in the formation of a flag pattern. It has formed a strong base around the breakout level of Rs 60, but Rs 75 represents an immediate resistance level where it may pause. But above this, it is likely to head toward Rs 84+ levels.
On the downside, Rs 60 is major support during any correction, while Rs 55 is the next critical demand level. MACD is supporting the strength of the current movement.
Paytm: Buy
The counter has closed its declining stage of stage 4 and started a long base formation of stage 1, which is the stage where the base forms after a decline in the stock price. The longer the horizontal base, the better.
A long base will establish a more significant support level, and the ownership of the stock will transfer from weak hands to strong hands.
This is only for very aggressive investors who can buy at the CMP of Rs 466 with a stop loss of Rs 400 and a target of Rs 524/564.
Adani Transmission: Book profits now| Long-term buy
The counter is travelling in the long channel formation and is trying to touch the lower line of the channel. The primary structure of the counter is bullish, but there is some profit booking seen in the shorter time frame. It has also broken the 200-SMA moving average.
It has witnessed a breakdown of head & shoulder formation on the daily chart. The momentum indicator RSI (relative strength index) is also negatively poised, whereas MACD (moving average convergence divergence) is supporting the downtrend.
On the lower side, Rs 2500 is acting as an important support; below this, it will also confirm a breakdown till Rs 2000 levels.
On the higher side, Rs 3000 is the important resistance; above this, Rs 3200 is the next level to reach.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
S&P BSE Sensex pared gains but still managed to close in the green on Friday while Nifty50 closed above 18,500 levels.
Sectorally, gains were seen in realty, auto, energy, and oil & gas space while selling was seen in banks, power, FMCG and utilities.
Stocks that were in focus include names like which rose over 5%, which fell nearly 2%, Easy Trip which fell by about 5%, and which closed with gains of over 5% on Friday.
Here's what Pravesh Gour, Senior Technical Analyst, recommends investors should do with these stocks when the market resumes trading today:
: Buy
On a longer time frame, the counter has seen a breakout from a long consolidation horizontal channel formation with massive volume. It is trading above its all-important moving averages.
On the shorter time frame, there is a breakout from an inverse head & shoulders formation on the daily chart, which suggests much more upside potential in this counter.
The momentum indicator RSI is trading above the 50 mark, with a positive bias, whereas MACD has already witnessed a centerline crossover.
On the upside, 64 will be an immediate hurdle, but 74 looks like an imminent target in the near-to-short term. On the downside, the 43 level is a strong support level in any correction.
: Buy
The counter is in a strong uptrend and is in the formation of a flag pattern. It has formed a strong base around the breakout level of Rs 60, but Rs 75 represents an immediate resistance level where it may pause. But above this, it is likely to head toward Rs 84+ levels.
On the downside, Rs 60 is major support during any correction, while Rs 55 is the next critical demand level. MACD is supporting the strength of the current movement.
Paytm: Buy
The counter has closed its declining stage of stage 4 and started a long base formation of stage 1, which is the stage where the base forms after a decline in the stock price. The longer the horizontal base, the better.
A long base will establish a more significant support level, and the ownership of the stock will transfer from weak hands to strong hands.
This is only for very aggressive investors who can buy at the CMP of Rs 466 with a stop loss of Rs 400 and a target of Rs 524/564.
Adani Transmission: Book profits now| Long-term buy
The counter is travelling in the long channel formation and is trying to touch the lower line of the channel. The primary structure of the counter is bullish, but there is some profit booking seen in the shorter time frame. It has also broken the 200-SMA moving average.
It has witnessed a breakdown of head & shoulder formation on the daily chart. The momentum indicator RSI (relative strength index) is also negatively poised, whereas MACD (moving average convergence divergence) is supporting the downtrend.
On the lower side, Rs 2500 is acting as an important support; below this, it will also confirm a breakdown till Rs 2000 levels.
On the higher side, Rs 3000 is the important resistance; above this, Rs 3200 is the next level to reach.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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