It was yet another volatile session for the market on September 9 as the Nifty50 remained in a range of around 80 points throughout the day, while for the week, it hovered in a band of 200 points amid weak global cues.
The BSE Sensex firmly maintained above 58,000 mark, rising 54.81 points to close at 58,305.07, while the Nifty50 retained 17,300 levels, climbing just 15.80 points to 17,369.30. Meanwhile, Nifty Midcap 100 index was up 0.3 percent and Smallcap 100 index gained 0.64 percent.
Stocks that were in focus on Thursday included Apollo Pipes. It hit a fresh all-time high of Rs 1,615 intraday and finally settled with 3.65 percent gains at Rs 1,606.50 with a market-cap of Rs 2,106 crore.
Textile company KPR Mill stock rallied sharply to hit a record high of Rs 2,349.60, but pared some gains to close at Rs 2,273.80. Abbott India settled at Rs 20,698.95 with gains of 3.54 percent.
Here's what Shrikant Chouhan, Executive Vice President - Equity Technical Research at Kotak Securities, recommends investors should do with these stocks when the market resumes trading today:
The stock successfully cleared the resistance of Rs 20,000 and succeeded to trade above the same. On daily charts, the stock has formed strong higher high and higher low series formation and on weekly charts it has formed breakout continuation formation which indicating medium term uptrend.
Unless it is trading below Rs 20,000 positional traders retain an optimistic stance and look for a target of Rs 22,300-22,500.
Fresh buying can be considered now and on dips, if any, between Rs 20,800 and Rs 20,600 levels with a stop loss below Rs 20,000.
The stock has rallied over 14 percent on September 9. Post strong opening the stock quickly surpassed Rs 2,085 short term resistance level with strong volume activity. Despite tepid market conditions KPR Mill maintained its strong momentum throughout the day.
On the short term time frame, the stock has formed strong price volume breakout pattern. The texture of the pattern suggests breakout action will continue in the near term if stock succeeds to trade above Rs 2,100 level.
For the swing traders, Rs 2,100 should be the sacrosanct level, trading above the same, we can expect uptrend continuation wave up to Rs 2,400-2,525.
On September 9, the stock made yet another all-time high of Rs 1,616. On daily and weekly charts, the stock has formed breakout continuation pattern which is grossly positive for the Apollo Pipes.
However, on short term time frame, momentum indicators indicate the stock is in to the overbought zone and high chances of quick short term price correction is not ruled out if the stock is trading below Rs 1,500.
For the next few trading sessions, Rs 1,500 would be the trend decider level for the bulls. If it sustains above the same we can expect continuation of uptrend up to Rs 1,800.
Further uptrend may also continue which could lift the stock up to Rs 1,925. On the flip side, dismissal of Rs 1,500 could possibly trigger quick short term correction up to Rs 1,450-1,415.Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.