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Trade Spotlight | What should investors do with Container Corporation, Lemon Tree, Inox Leisure, Tata Elxsi, InterGlobe on Monday?

The overall major trend remains strong as Container Corporation is moving in higher top and bottom formation. The daily weekly and monthly RSI (relative strength index) remains in bullish mode along with positive crossover which supports sustained strength.

March 28, 2022 / 06:26 AM IST
 
 
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The market continued its downtrend for third consecutive session amid consolidation and rangebound trade on March 25. Ukraine-Russia crisis and elevated oil prices weighed on the sentiment.

The Nifty50 declined 70 points to 17,153 and the BSE Sensex fell more than 200 points to 57,362 on Friday, dragged by FMCG, private banks, and financials stocks.

The broader markets also saw moderate correction with the Nifty Midcap 100 and Smallcap 100 indices falling 0.12 percent and 0.5 percent respectively.

Stocks that were in action include Container Corporation and InterGlobe Aviation which were the biggest gainers in the futures and options segment, rising 11 percent to Rs 690 and climbing 4.2 percent to Rs 1,941 respectively.

Other stocks in focus include Lemon Tree Hotels which surged 10 percent to Rs 60.90, Inox Leisure which gained 6.1 percent at Rs 469.70, and Tata Elxsi which was up 11 percent at Rs 8,438.20.

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Here's what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:

Container Corporation of India

With the past three weeks' strong buying momentum, the stock has rebounded from its "multiple support zone" of Rs 550 levels. The stock has recaptured its 100 and 200-day SMA (simple moving average) on a closing basis which remains a positive sign.

The daily "band Bollinger" buy signal indicates increased momentum. This buying momentum is coupled with a huge volume spurt which signifies increased participation.

The overall major trend remains strong as stock moving in higher top and bottom formation. The daily weekly and monthly RSI (relative strength index) remains 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 740-800, with downside support zone of Rs 620-600 levels.

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Lemon Tree Hotels

On the daily and weekly chart, the stock has confirmed "rounding bottom" formation indicating resumption of earlier uptrend. On the daily and weekly time frames, a series of higher tops and bottoms signals strong uptrend.

In addition to this, the stock is well placed above its 20, 50, 100 and 200 day SMA which reconfirms the bullish trend. The weekly "band Bollinger" buy signal indicates increased momentum.

The daily weekly and monthly RSI remains 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 66-75, with downside support zone of Rs 52-50 levels.

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Inox Leisure

In the daily and weekly time frames, a series of higher tops and bottoms signals strong uptrend. On the daily timeframe it has also confirmed "rounding bottom" formation indicating continuation of the uptrend.

The stock is well placed above 20, 50, 100 and 200 day SMA which reconfirms the bullish trend. The daily and weekly "band Bollinger" buy signal indicates increased momentum.

The daily weekly and monthly RSI remains 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 510-530, with downside support zone of Rs 438-430 levels.

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Tata Elxsi

On the daily chart, the stock has decisively broken out of its past couple of months' "multiple resistance zone" of Rs 7,900 levels on a closing basis indicating bullish sentiments. This breakout is accompanied with huge volumes indicating increased participation.

The stock is in a strong uptrend across all timeframes forming a series of higher tops and bottoms. The daily and weekly "band Bollinger" buy signal indicates increased momentum.

The daily and weekly RSI remains 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 8,800-9,100, with downside support zone of Rs 7,500 levels.

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InterGlobe Aviation

Since August 2021, the stock has been consolidating within Rs 2,350-1,500 levels with extreme volatility indicating a sideways trend. The stock continued to sustain below 20, 50, 100 and 200 day SMA which signals bearish sentiments ahead.

However, with the past couple of weeks' rally, the stock has rebounded sharply from its major support zone of Rs 1,550-1,500 levels along with huge volumes. The daily strength indicator RSI has turned bullish indicating a positive bias in the near term.

Investors should buy, hold and accumulate this stock with an expected upside of Rs 2,100-2,200, with downside support zone of Rs 1,750-1,650 levels.

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Disclaimer: The views and investment tips expressed by investment 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.



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