The benchmark index Sensex gained 15 percent in the last 1-month. Moneycontrol tried to find out the stock which is in momentum trades and outperformed the benchmark index but still trading 70 percent below their 52-week high. From the BSE 500, 10 stocks make the cut. Data Source: ACE Equity.
Indian market remained volatile on December 2 but bulls helped benchmark indices to recover losses to close almost flat. The S&P BSE Sensex recouped losses after falling by about 500 points while Nifty50 closed above the crucial level of 13100.
Let’s look at the final tally on D-Street – the S&P BSE Sensex was down 37 points to 44,618 while the Nifty50 closed with marginal gains of 4.7 points at 13113.
Sectorally, the action was seen in realty, metals, consumer durables, and oil & gas stocks while selling pressure was visible in banks, as well as FMCG space.
Pfizer rose more than 2 percent, Adani Transmission rose more than 10 percent, and Tata Chemicals closed with gains of more than 5 percent.
We have collated views of experts on what investors should do when the market resumes trading on 3 December:
Expert: Ashish Chaturmohta, Head of Technical and Derivatives, Sanctum Wealth Management.
Pfizer: Stock could rally towards Rs 5630
Between April and September, the stock formed a rounding bottom pattern on the daily chart between Rs 3950 and Rs 5200 levels. For the last 3 months, the stock was trading sideways in a range of Rs 4850 to Rs 5200.
Now, it is showing signs of a breakout on the upside. If the stocks sustain above Rs 5100 levels, it could rally towards Rs 5630 and then towards Rs 5770 levels. On the downside, supports are seen at Rs 5000 and then towards Rs 4850 levels.
Adani Transmission: Resistance seen at Rs 470
The stock has been in an uptrend since March when it hit a low of Rs 147. Last month, it crossed the resistance zone of Rs 366-3230 around previous on high volumes and momentum.
The previous has acted as support on a recent pullback and the stock has resumed its uptrend to hit a new high of Rs 434 on Wednesday.
Now, the next resistance for the stock is seen at Rs 470 and then Rs 510 levels. On the downside, supports are seen at Rs 390 and then Rs 360 levels.
Tata Chemicals: Immediate resistance seen at Rs 440
The stock has seen consolidation for 3 years between Rs 340 and Rs 240 odd levels. A couple of weeks ago, the stock witnessed a breakout from the pattern on strong momentum and high volumes.
Now, the immediate resistance for the stock is seen at Rs 440 levels, and crossing above it, stock can rally towards Rs 465, Rs 500 levels. On the downside, supports are seen at Rs 400 and then Rs 390 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.