Stocks like Apollo Hospitals hit a fresh 52-week high, Welspun Corp was locked at upper circuit and Advanced Enzyme rose nearly 13 percent.
Indian market moved in a narrow range on Sdptember 30 but faced selling pressure at higher levels. The S&P BSE Sensex rose by nearly 100 points while the Nifty50 closed just a shade below 11250 after retesting 11300 levels.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 94 points to 38067 while the Nifty50 was up 25 points to close at 11,247.
Sectorally, the action was seen in Consumer Durables, FMCG, Capital Goods, and healthcare stocks while profit-taking was seen in Telecom, Metals, and Oil & Gas index.
Stocks like Apollo Hospitals hit a fresh 52-week high, Welspun Corp was locked in upper circuit of 5 percent, and Advanced Enzyme rose nearly 13 percent.
Expert: Ashish Chaturmohta, Head of Technical and Derivatives, Sanctum Wealth Management
In the last three weeks, the stock has seen a stellar rally from Rs 1600 odd level to Rs 2168. It crossed its previous all-time high of Rs 1813.
Volumes during this period are high indicating buying interest even at higher levels. The stock continues to form a higher high and higher low on the daily chart.
Hence, the next levels for the stock are seen at Rs 2250 and then towards Rs 2335-2368. On the downside, support is seen at Rs 2090 and then towards Rs 2030 levels.
After a steep fall from Rs 234 to 55 in the months of Feb to May, the stock has rallied to current levels of Rs 113. In June and July, the stock consolidated and saw a breakout in August to touch a high of 120.
The price is facing resistance near the 200-day moving average. This week, the stock has rallied from the lower end of the range on good volumes indicating buying participation.
Thus, if the stock closes above Rs 120, it will see a fresh breakout and can rally further towards Rs 144 and then possibly towards Rs 160 levels. On the downside, support is seen at Rs 102-97 levels.
The stock has been in an uptrend since the March low of 98 and has been forming a higher top and higher bottom on the daily chart.
In the last one week, the stock witnessed huge volumes with strong price action indicating buying participation in the stock.
But, the price has reached a key level of 61.8% Fibonacci retracement of the whole decline from Rs 475 to Rs 98 which comes at Rs 331 level.
Thus, it needs to sustain above 331 for the rally to continue towards Rs 360 and Rs 394 levels. However, if the stock is unable to cross Rs 331 then it will consolidate before it moves higher. On the downside, support is seen at Rs 310 and then at Rs 290 levels.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.