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Trade Spotlight | What should you do with Container Corporation, Varroc Engineering, EIH on Thursday?

EIH was also in strong momentum, rising nearly 12 percent to Rs 201, the highest closing level since April 2, 2019. The stock has seen formation of robust bullish candle, which engulfed both previous red candles, and the Bollinger Band expanded on both the side and the closing was above the upper band of Bollinger Band. The volume was also strong.

September 08, 2022 / 06:10 AM IST
 
 
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The market extended losses for the second straight session amid volatility and consolidation, on September 7, following weakness in global peers. The BSE Sensex fell nearly 170 points to 59,029, and the Nifty50 declined 31 points to 17,624, dragged by banks and auto stocks. However, the buying in select FMCG, technology, and pharma counters limited the losses.

The outperformance in broader markets continued for yet another session on positive breadth. The Nifty Midcap 100 index gained half a percent and Smallcap 100 index rose eight-tenth of a percent.

Stocks that were in strong action and outperformed broader markets included Container Corporation of India, which was the biggest gainer in the futures and options segment, climbing 8.5 percent to Rs 726.5 and formed a strong bullish candle on the daily charts with large volumes, though there was some profit-booking at higher levels.

Varroc Engineering jumped 4 percent to Rs 387 and formed bullish engulfing candlestick pattern on the daily charts. In fact, Wednesday's bullish candle engulfed both red candles seen in previous two consecutive sessions.