Trade Spotlight: Adani Ports, M&M Financial and Bharti Infratel in focus

Stocks like Adani Ports which rose over 4 percent, M&M Financial Services rallied more than 5 percent, and Bharti Infratel wipes out gains and closed flat were some of the stocks in focus.

November 25, 2020 / 08:18 AM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Indian market touched a fresh record high on November 24 tracking a positive trend seen in other Asian markets. The Nifty50 surpassed the 13,000 mark for the first time while the S&P BSE Sensex also climbed above 44,500 levels.

Final tally on D-Street – the S&P BSE Sensex rose 445 points to 44,523 while the Nifty50 rose 128 points to close at 13,055 on Tuesday.

Sectorally, the action was seen in banks, realty, auto, realty, finance, and healthcare stocks while some profit taking was seen in the telecom index.

Stocks like Adani Ports which rose over 4 percent, M&M Financial Services rallied more than 5 percent, and Bharti Infratel wipes out gains and closed flat were some of the stocks in focus. Bharti Infratel has rallied by about 18 percent so far in November.

We have collated views of experts on what investors should do when the market resumes trading on 25 November:

Close

Expert: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in




This counter appears to have registered a clean breakout above its 4-month old consolidation range present between 360 – 309 on the daily line chart (closing price chart).


As this breakout occurred after a decent time-wise correction a sustainable rally can be expected going forward. However, on the upside, it may face stiff resistance around 429 levels where it formed a double top in the past.


In case if it manages to absorb all the supplies emanating from the said top then the doors for a retest of lifetime highs present around 452 shall open up.


For the time being, positional traders can initiate fresh long positions and look for an initial target of 429. A Stop loss is suggested for the trade is suggested below 375 on a closing basis.


As the entry point seems to be a bit far away, traders are also advised to add on dip in the zone of 382 – 378.




This counter appears to have resumed its upmove, after a brief pause of 3 trading sessions, it witnessed a strong close above its interim top of 159 levels with a fresh breakout.

Hence, as long as it sustains above 160 levels, a higher target of 190 can be expected. Positional traders can consider fresh buying at current prices and should be prepared to add in the zone of 162 - 160 levels and look for a target of 180. A Stop Loss suggested for the trade is close below 158.

Bharti Infratel: Stock may remain vulnerable for a profit-booking

This stock may remain vulnerable for a profit booking as it rallied from the lows of 188 to 238 levels in just three trading sessions.

Moreover, it is nearing a critical resistance point of 242 levels where prices in the past were capped for several weeks by paving the way for a bigger correction.

In case if it sustains above 242 levels then the next target can be around 260 levels. At this juncture, booking profits seems to be the safest idea as the risk-to-reward ratios don’t permit a long side trade.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Kshitij Anand is the Editor Markets at Moneycontrol.

stay updated

Get Daily News on your Browser
Sections