Indian market closed in the green on Friday tracking positive global cues. The S&P BSE Sensex rallied more than 900 points while the Nifty50 closed above 17800 levels.
Sectorally, buying was seen in consumer durables, banks, auto and public sector while selling was visible in utilities, power, healthcare and oil & gas stocks.
Stocks that were in focus include names like
which hit a fresh 52-week high, which gained nearly 7%, and which closed with gains of over 3% ahead of Q3 results.
Here’s what Pravesh Gour, Senior Technical Analyst, . at recommends investors should do with these stocks when the market resumes trading today:
Titan Company: Buy
The counter is forming a downward-sloping channel from the lifetime high level, but it has recovered from the lower lows of the parallel trendline with strong volume.
It has also broken the horizontal line placed around the 2350 level. The overall structure is looking good as it trades above its all-important moving averages (9, 20, and 200 SMAs).
On the upside, 2500 has become an immediate resistance area; above this, we can expect a run-up towards Rs 2600+ levels in the near term. On the downside, if it breaks the 2300 level, then 2250 is the next support level.
: Buy
Data suggests that the primary uptrend of the counter has stopped. It has retested its previous breakout level at around Rs 500, which started a new leg of the rally towards 580 levels.
The overall structure of the counter is favorable for investors that are looking to invest at such levels. The stock closed above the 200-SMA moving averages in the most recent trading session.
On the upside, Rs 560 is the important psychological resistance level, above which we can expect the 580+ levels in the near term, while on the downside, Rs 499 is the major support level during any correction.
Aegis Logistics: Buy
The counter is in a classical uptrend, as it has higher highs & higher lows. On the daily chart, it also saw the breakout of a long consolidation formation with strong volume.
The structure of the counter is very bullish, as it trades above all important moving averages. It has broken a neckline at around Rs 360–363 levels on the daily chart.
The momentum indicators RSI (relative strength index) and MACD (moving average convergence divergence) are negatively placed.
On the upside, Rs 390 is the important psychological resistance level, above which we can expect the 410+ levels in the near term, while on the downside, Rs 340 is the support level, below which we can expect the 325 level.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of Economic Times)
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