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Trade Spotlight | What should investors do with Jubilant FoodWorks, ICICI Securities and Radico Khaitan?

Here's what Mazhar Mohammad of Chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today.

October 13, 2021 / 08:28 AM IST
 
 
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The market managed to add third of a percent gains amid volatile session and ended at fresh record closing high on October 12 continuing the uptrend for the third straight session. Reliance Industries, select banking & financials and FMCG stocks supported the market.

The BSE Sensex gained nearly 150 points to close around 60,300 and the Nifty50 added about 50 points to end near 18,000-mark, underperforming broader markets. The Nifty Midcap 100 index was up 0.55 percent and Smallcap 100 index gained 0.8 percent.

Stocks that were in focus included Jubilant Foodworks, which ended with 5.21 percent gains at Rs 4,275.95, ICICI Securities (ended at Rs 843.30 with 3.28 percent gains), Radico Khaitan (closed 14.78 percent higher at Rs 1,173).

Here's what Mazhar Mohammad of Chartviewindia.in recommends investors should do with these stocks when the market resumes trading today:

Jubilant Foodworks

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This counter seems to have registered a fresh breakout on relatively much higher volumes out of its 5-week consolidation present in extremely narrow trading range. However, on weekly charts it is moving inside 48-week ascending channel and at current prices it is almost testing the upper boundary of the said channel.

But once it manages a sustainable close above Rs 4,380 levels on weekly charts then based on the said channel breakout a much higher target towards Rs 5,000 can be expected.

For the time being, traders are advised to adopt a two-pronged strategy of buying now and adding on dips into the zone of Rs 4,200 – 4,150 levels and look for an initial target of Rs 4,750. Stop suggested for the trade is a close below Rs 4,045 levels.

ICICI Securities

This counter seems to have registered a breakout from its minor consolidation range, present between Rs 789-711 levels, in last Monday's trading session on much higher volumes hinting that it might have kick started a new leg of upswing. However, slightly narrower trading range of the last session can be a cause for concern.

Hence, if someone is holding on to this counter they should consider profit booking around Rs 870 levels by placing a stop below Rs 820 levels.

Fresh buying should be considered only on a dip into the zone of Rs 790 – 770 with a stop below Rs 750 levels.

Radico Khaitan

This counter appears to have kick started a fresh leg of upswing as it emerged out of its 7-week of trading range present between Rs 945–833 levels. In this process it also seems to have registered a breakout from its ascending channel which is in progress from the lows of March 2020.

Based on this channel breakout a higher target of Rs 1,448 can be projected. However, on long term charts it seems to have critical resistance around Rs 1,277 levels.

Therefore if someone is holding on to this counter they should book profits around Rs 1,270 levels. Fresh buying should be considered only on a dip between Rs 1,120 – 1,090 zone with a stop loss below Rs 1,020.

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.
Sunil Shankar Matkar

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