The market managed to add more gains in the morning on November 15 following a 1.3 percent rally in the previous trading session, but profit-booking at higher levels erased those gains in the afternoon to finally settle the day on a flat note.
The Nifty50 continued to respect the 20-day SMA (whose value is placed at 18,068) and settled above 18,100 mark, while the BSE Sensex closed the session above 60,700 levels.
FMCG, IT and pharma stocks helped the benchmark indices close with a positive bias, however, the selling pressure in metals and select banking and financial stocks capped the gains.
The trend in broader markets was mixed, with the Nifty Midcap 100 rising 0.32 percent and Smallcap 100 falling 0.25 percent.
Stocks that were in focus include Apollo Hospitals Enterprises which was the biggest gainer in the futures and options segment, rising 8.81 percent to close at Rs 5,080.95, and Syngene International which rallied 6.95 percent to Rs 593.20. Metropolis Healthcare was also in action, hitting a fresh record high of Rs 3,352.45 before closing with 7.87 percent gains at Rs 3,337.95.
Metropolis Healthcare and Syngene International were the third and fourth biggest gainers in the F&O segment. The buying was also seen in IRCTC, rising 4.46 percent to close at Rs 903.40.
Here's what Mazhar Mohammad of chartviewindia.in recommends investors should do with these stocks when the market resumes trading today:
At a recent low of Rs 3,955 on this counter appears to have taken support around its channel lines after retracing almost 62 percent of its last leg of rally from the lows of Rs 3,141 to Rs 5,122 before resuming its uptrend. Since then, it seems to be in a steady uptrend which seems to have accelerated in the last session as it witnessed almost two-digit appreciation on the back of huge volumes.
Hence, initially it should head higher to test its life highs present around Rs 5,198 and beyond that eventually a higher target of Rs 5,700 can’t be ruled out.
In today's (Tuesday) session, if it rallies without a correction then positional traders who already own this counter should book profits in the zone of Rs 5,150 – Rs 5,200 levels.
In case it witnesses profit-booking in the early hours of trading sessions without much price appreciation then a dip between Rs 5,000 and Rs 4,900 can be an opportunity to create fresh longs with a stop below Rs 4,800 on a closing basis.
Larger trend of this counter seems to be sideways in a broader range of Rs 700 to Rs 500. Moreover, last 45-week of price behaviour seems to have carved out a channelled move.
Interestingly, with two weeks of consolidation at lower end of the said channel, this counter appears to have positioned itself for resumption of upswing as it staged a strong comeback in the last trading session on huge volumes. Hence, sustaining above Rs 547 levels, this counter shall make an attempt to head towards its recent top of Rs 686.
As this counter appears to have just initiated a fresh leg of rally, traders should adopt a two-pronged strategy of buying now and adding further on dips preferably in the zone of Rs 580 – Rs 560 levels by placing a stop below Rs 547 and look for a potential target of Rs 680.
This counter seems to have resumed its uptrend, with new life-time highs, as it registered a consolidation breakout from the 23-week trading range of Rs 3,230 to Rs 2,630 levels.
Hence, as long as it sustains above Rs 3,085 levels a higher target, based on the width of consolidation range, of Rs 3,830 can be projected.
Therefore, positional traders are advised to buy now and add on dips into the zone of Rs 3,200 – Rs 3,100 levels by placing a stop below Rs 3,085 levels.
This counter seems to be in a consolidation mode after a cut of 50 percent from its life-time highs of Rs 1,279 to a low of Rs 639 levels. Interestingly, the current consolidation zone of 14 days seems to be inside the large bearish candle range, registered on October 25, present between Rs 937 and Rs 792.
Hence, initially it needs to register a close above Rs 937 levels to confirm some kind of strength. In case it closes above Rs 937, then the strength shall expand towards Rs 980.
For the time being, as the current up move is of pull-back nature, traders should consider booking profits on its inability to get past Rs 937 in the next couple of sessions.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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