The market gained momentum for the first time in the last four consecutive sessions and climbed nearly 150 points on the Nifty50 on April 8, after the Reserve Bank of India maintained status quo on policy rates, but increased full year inflation forecast and reduced growth estimates, which was all on expected lines. Positive global cues also supported sentiment.
The BSE Sensex rallied more than 400 points to 59,447 and the Nifty50 rose 145 points to 17,784 while broader markets also participated in the rally as the Nifty Midcap index was up nearly 1 percent and Smallcap index gained 0.4 percent.
Volatility also cooled down significantly on Friday, though for the past few sessions it remained rangebound below 20 levels. India VIX, the fear index, corrected by 6.9 percent to 17.69 levels.
FMCG, metal, select banks, financial services and auto stocks pushed the market higher.
Stocks that were in focus include Bharat Dynamics, Linde India, Adani Green Energy, Cholamandalam Investment and Polyplex Corporation, all of which hit a fresh high intraday as well as ended at record closing highs on last Friday.
Cholamandalam Investment was the biggest gainer in the futures & options segment, rising 8 percent to Rs 742. Bharat Dynamics along with other defence stocks also saw buying interest, rising more than 15 percent to Rs 716.
Linde India jumped 5.7 percent to Rs 3,939, Adani Green Energy rose 7.2 percent to Rs 2,322, and Polyplex Corporation surged 8.75 percent to Rs 2,698.
Here's what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
The stock is in huge uptrend across all timeframes forming a series of higher tops and bottom formation indicating sustained uptrend. Every upmove is accompanied by huge and rising volumes which signal increased participation in a rally.
The stock is well placed above its 20, 50, 100 and 200 day SMA (simple moving average) which reconfirms bullish sentiments. With current week's high (Rs 739) it has registered a 52-week high indicating positive bias. The daily, weekly and monthly "band Bollinger" buy signals indicate increased momentum.
The daily weekly and monthly RSI (relative strength index) continue to remain in bullish mode along with positive crossover which supports sustained strength.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 800-850, with downside support zone of Rs 620-580 levels.
With Friday's high, the stock has registered an all-time high of Rs 751 indicating bullish sentiments. With the previous session's 8 percent gains, it has also surpassed the previous swing high (Rs 740) on a closing basis.
This breakout is accompanied by a huge volume spurt which shows increased participation in the rally. The stock has recaptured its 20, 50 and 100 day SMA in the month of March and rebounded very sharply. The daily, weekly and monthly RSI continue to remain in positive terrain indicating sustained strength across all timeframes.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 800-840, with downside support zone of Rs 680 levels.
On the weekly and monthly timeframes the stock is in a strong uptrend forming a series of higher tops and bottoms. The stock has recaptured 20, 50 and 100 day SMA and rebounded very sharply. These averages are also rising along with prices which supports bullish sentiments.
The weekly and monthly strength indicator RSI is in bullish mode indicating sustained strength.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 4,200-4,430, with downside support zone of Rs 3,650-3,400 levels.
The stock is in strong uptrend across all timeframes forming a series of higher tops and bottom formations indicating sustained strength. Every upmove is accompanied by huge and rising volumes which signals increased participation in a rally.
The stock is well placed above its 20, 50, 100 and 200 day SMA which reconfirms bullish sentiments. The daily and weekly "band Bollinger" indicates rising momentum.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 2,500-2,650, with downside support zone of Rs 2,080-2,000 levels.
With Friday's high, the stock has registered an all-time high which signals bullish sentiments. The major trend remains very strong across all timeframes as the stock continues to form higher tops and bottoms.
Huge volumes indicate increased participation in the rally. The weekly "band Bollinger" buy signals indicate that the stock is gaining momentum in the short to medium term timeframe.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 2,840-2,920, with downside support zone of Rs 2,400-2,180 levels.
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