Big Movers on D-St: What should investors do with M&M Finance, Ease My Trip and Kalyan Jewellers?

Sectorally, buying was seen in metals, banks, IT, utilities and power stocks.

The stock market remained shut on Wednesday on account of a public holiday.

Stocks that were in focus included names like Kalyan Jewellers which rose more than 6 per cent, M&M Financial Services which rose more than 11 per cent, and

which gained more than 6 per cent on Tuesday.

Here’s what Viral Chheda, Technical Analyst, SSJ Finance & Securities recommends investors should do with these stocks when the market resumes trading today:

Kalyan Jewellers: Buy
On the daily chart, we can see that the stock has moved in a range of 55 to 67 from February 2022 to August 2022.

After consolidating in a narrow range for the past 6 months, the price breached the same on the higher side to give a sharp upside rally to 101.4 odd levels.

Volumes were quite high, and the stock was forming a higher top and higher bottom patterns. From highs, the price witnessed some selloff to form a flag pattern. It breached the pattern and was trading at an all-time high level of 102 this week.

We can see further upside from here. Stochastics Oscillators are moving in an upward trend along with an increase in volume, indicating a bull run from here.

One can buy at this level for an upside target of 130-150 in the next 6-8 months. Hence, we recommend buying at this level and more at dips of 93 with a stop loss of 85 on a weekly closing basis.

On the upside, we can see the level of 130-150 in the next 6-8 months.

M&M Financial Services: Buy
After making a 52-week low of around 128 in March 2022, the price gave some bull run to make a high of 235 in September 2022. The stock formed a higher top higher bottom pattern while it witnessed strong volumes.

From highs of 128, the price saw some selling pressure as it retraced almost 55% of the previous rally to make a low of 176 odd level.

The stock has also taken support of 200-DMA of 175. After making multiple bottoms around 176 level, the price has given some upside rally to make a high of 200.

The Stochastics Oscillator is moving in an upward trend along with an increase in volume indicating an upside move from here. One can buy at this level for an upside target of 235-270 in the next 6-8 months.

Hence, we recommend buying at this level and more on dips of 187 with a stop loss of 174 on a weekly closing basis and on the upside, we can see the level of 235-270 in the next 6-8 months.

Easy Trip Planners
After opening at around 106 in IPO on March 2021, the stock witnessed a bull run to make an all-time high of 476 in May 2022 on the weekly chart. Volumes were good during this period.

From May 2022 till date, the price is moving in the range of 355 to 534 odd levels making multiple bottoms around 355 and facing resistance at a higher level of 534.

Last week, the stock took the support of 200-DMA at 353 and gave some pullback to make a high of around 410 odd levels. The Stochastics Oscillator is moving in an upward trend along with an increase in volume, indicating further upside from here.

One can buy at this level for an upside target of 475-525 in the next 6-8 months.

Hence, we recommend buying at this level and more on dips of 380 with a stop loss of 350 on a weekly closing basis and on the upside, we can see the level of 475-525 in the next 6-8 months.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)