Indian market closed in the red for the fourth day in a row on Friday tracking muted global cues. The S&P BSE Sensex fell nearly 1000 points while the Nifty50 managed to hold on to 17800 levels.
Sectorally, selling was seen in utilities, power, oil & gas, and telecom stocks.
Stocks that were in focus include names like
which was down more than 7%, which declined more than 8%, and India Overseas Bank which fell over 14% on Friday.
Here’s what Pravesh Gour, Senior Technical Analyst,
. at recommends investors should do with these stocks when the market resumes trading today:
Adani Ports: Rs 770 is a strong support
The counter has travelled through a long consolidation, and on Friday it has broken down at the same rate with a huge volume.
The structure of the counter looks distorted as it has given a closing below the 200-SMA and is also trading below all its important averages. MACD and RSI are showing weakness and supporting the trend.
On the lower side, Rs 770 is a strong support for any bounce back but below this level, we can see a major downfall till Rs 650, while on the higher side, Rs 850 is immediate resistance.
Century Textiles: 670–660 are the strong support
The counter has seen a massive breakdown of the head-and-shoulder formation. The overall structure of the counter is bearish, but we hope the target of the H&S pattern is completed.
It has now made a significant correction to retest the previous breakout level of Rs 670. On the higher side, Rs 750 is acting as an immediate resistance, while Rs 670–660 is strong support; below this, we can expect a major fall to Rs 600 levels.
: 22 is a major support on any dip
The counter has given a massive rally in the last week, but it has now made a significant correction to retest the previous breakout level of Rs 24.
The overall structure of the counter still looks good, as it is trading above the 50, 100, and 200-SMA moving averages.
On the downside, Rs 22 is a major support on any dip, while Rs 28 is an immediate resistance on any rebound.
(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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