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Trade Spotlight: Metropolis Healthcare, Dr Lal Pathlabs & Ambuja Cement in focus

Dr Lal Pathlabs gained more than 11 percent, Metropolis Healthcare was up more than 4 percent and Ambuja Cement which hit a 52-week high closed with gains of more than 4 percent.
Oct 8, 2020 / 08:39 AM IST
 
 
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Indian market rallied for the fifth consecutive day in a row on Wednesday pushing Sensex higher by over 300 points while the Nifty50 reclaimed 11,700 levels for the first time since February.

Let’s look at the final tally on D-Street on Wednesday – the S&P BSE Sensex rose 304 points to 39,878 while the Nifty50 closed with gains of 76 points to 11,738.

Sectorally, the action was seen in consumer durables, energy, and auto indices while profit-taking was visible in metals, realty, and power indices.

Dr Lal Pathlabs gained more than 11 percent, Metropolis Healthcare was up more than 4 percent and Ambuja Cement which hit a 52-week high closed with gains of more than 4 percent.

We have collated views of experts on what investors should do when the market resumes trading on Thursday, October 8:

Expert: Ashish Chaturmohta, Head of Technical and Derivatives, Sanctum Wealth Management

Metropolis Healthcare: Stock needs to move above 2100 levels and sustain above it

After hitting a low of Rs 1150 in April, the stock has been in an uptrend forming a higher top and higher bottom on the daily chart.

The rally has retraced back to a previous all-time high of Rs 2109 and hit a new high of Rs 2144 in Wednesday’s session.

But, the stock has seen some profit-booking at higher levels as it closed at Rs 2031 off its high. It needs to move above Rs 2100 levels and sustain above it for the uptrend to continue towards Rs 2470 levels.

On the downside, supports are seen at Rs 1940 and Rs 1920 levels.

Dr Lal Pathlabs: Next level for the stock is seen at Rs 2500  

After a sharp up move from Rs 1500 odd levels to the new all-time high of Rs 2029 in the month of July, the stock was in a sideways range. It was consolidating its gains between Rs 2029 and Rs 1750 odd levels.

In Wednesday’s session, the stock has seen a breakout on huge volumes and strong momentum indicated long body bullish suggesting fresh buying participation in the stock.

Now, the next level for the stock is seen at 2500 while support is at Rs 2100 levels.

Ambuja Cement: The next levels for the stock is seen at Rs 260 and Rs 272

The stock hit a high of Rs 232 in the month of August after crossing the long-term falling resistance trend line of a 3-year decline.

Since then, the stock was in a corrective decline mode and tested the falling resistance trend line.

Price has seen a bounce back and Wednesday’s session, the stock has hit of Rs 238 on strong momentum and huge volumes.

Thus, indicating buying participation in the stock. Now the next levels for the stock is seen at Rs 260 and Rs 272. While on the downside supports are seen at Rs 220 and Rs 205.

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 Kshitij Anand is the Editor Markets at Moneycontrol.

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