The Indian market recouped losses to close in the green on Monday despite a mixed trend seen in other Asian markets.
IANS
2/7
Sectoral Watch
Sectorally, buying was seen in capital goods, industrials, power and auto stocks while selling was seen in oil & gas, energy and metal stocks.
Getty Images
3/7
Breakout Stocks
Stocks that hit fresh record highs include names like ICICI Bank which closed with gains of over 1%, Elgi Equipments that rose over 4% to hit a fresh record high and Maharashtra Scooters that gained more than 7% on Monday.
IANS
4/7
Analyst Call
We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view.
Here’s what analyst Sanket Thakar (CMT, Founder- Alpha Bot Capital) has to say:
ETMarkets.com
5/7
Maharashtra Scooters: Target Rs 9,500 | Stop Loss Rs 8,500
This stock has recently broken out from an inverted Head & Shoulder pattern on June 13, which indicates that the trend is bullish.
The target derived from the chart pattern breakout is 9,500, which can be achieved in the near future. The support is at a lower trendline at the 8,500 level.
ETMarkets.com
6/7
Elgi Equipments: Book profits
Elgi Equipments has recently achieved its previous pattern breakout target & this can lead to short-term profit booking by traders.
The price could retrace to 752 & 722 levels in the upcoming trading sessions. The overall trend remains bullish.
ETMarkets.com
7/7
ICICI Bank: Support area 1,142-1,150 levels
ICICI Bank has been one of the outperformers in the banking space. Currently, on intraday charts, it has reached the resistance level from where the previous two falls had occurred in the past.
A fresh upside movement is expected only if the stock stays above the trendline. The support levels below are at the lower trendline level of 1,142 - 1,150.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
