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Trade Spotlight | What should you do with Ceat, Symphony, Godrej Industries on Monday?

Godrej Industries has formed long bullish candle on the daily charts with healthy volumes. The stock has seen a breakout of downward sloping resistance trend line adjoining December 9 and December 21, 2022. Also there was a decisive breakout of horizontal resistance trend line adjoining multiple touch points - October 12, October 19, 2022, January 2, and January 5, 2023.

January 09, 2023 / 06:29 AM IST
 
 
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The market remained under pressure with the benchmark indices forming bearish candlestick pattern on the daily charts for third consecutive session, which resembles three black crows like pattern formation on January 6, generally indicating reversal of current uptrend.

The BSE Sensex plunged 453 points to 59,900, and the Nifty50 dropped 133 points to 17,860, while the broader markets also traded in line with benchmarks, falling 0.8 percent on weak breadth.

Every sector, barring FMCG, caught in bear trap with the banking and financial services, technology, metal, and pharma stocks falling the most.

Stocks that were in action included Ceat which climbed more than 4 percent to Rs 1,740.5 and formed bullish candle on the daily charts with strong volumes, with making higher high higher low for second consecutive session. The stock has seen a breakout of downward sloping resistance trend line adjoining December 15, 2022 and January 5, 2023, and also there was a decisive breakout of 'mother candle' formed on December 23, 2022.