Trade Spotlight: What should investors do with Intellect Design & BirlaCorp?
Intellect Design gained over 6 percent with strong volumes, while Birla Corp rallied over 5 percent to hit a fresh 52-week high on March 31.
April 01, 2021 / 08:35 AM IST
Indian markets fell sharply on March 31, tracking weak global cues. The S&P BSE Sensex closed 627 points lower at 49,509, while the Nifty50 ended 154 points down at 14,690 on March 31.
However, Intellect Design gained over 6 percent with strong volumes, while Birla Corp rallied more than 5 percent to hit a fresh 52-week high.
Here is what experts have to say on trading these stocks today:Expert: Ruchit Jain, Senior Analyst- Technical and Derivatives, Angel Broking Ltd,
Intellect Design - Hold
This stock has given multi-fold returns to investors in the last year. The ‘Higher Top Higher Bottom’ structure still continues and the volumes on price up moves are also good.
This is an indication of a continuation of uptrend and hence, traders with existing positions are advised to continue to ride this trend.
The immediate supports for the stock are placed around Rs 670 and Rs 588. Since the prices are in uncharted territory, following a trailing stop loss method would be an apt strategy to ride this trend.
Birla Corp – Hold
If we look at the recent historical data, the stock seems to be witnessing a buying interest whenever the prices approach its ‘89 DEMA’.
The positional charts (weekly and monthly) are indicating an uptrend and prices had recently breached their resistance.
Hence, it is advisable to hold existing positions and keep a buy-on-dip approach. The immediate supports for the stock are placed around Rs 910 and Rs 850, whereas resistance is seen around Rs 1,025.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.