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Trade Spotlight | What should you do with DLF, Birla Cable, Firstsource, Orient Bell, Bal Pharma?

Birla Cable has consolidated from August 2021 till January 2022. Recently the counter has a clean weekly breakout on triangle pattern with moving average convergence divergence (MACD) giving positive crossover above zero which is indicating that the stock is ready for up move.

February 24, 2022 / 09:34 AM IST
 
 
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The selling pressure in late trade dragged the market lower for the sixth consecutive session amid geopolitical tensions between Ukraine and Russia, and rising oil prices on February 23. The market lost more than 150 points on the Nifty50 from the day's high and finally settled 29 points down at 17,063, while the BSE Sensex shed 69 points to 57,232.

But the broader markets reversed some of the previous day's losses amid short covering and value buying. The Nifty Midcap 100 index gained 0.6 percent and Smallcap 100 index rose 1.2 percent.

Stocks that were in action include DLF and Firstsource Solutions which were the second and third biggest gainer in the futures and options segment, rising 6.1 percent to Rs 344.2, and climbing 4.7 percent to Rs 127.3 respectively. These stocks had corrected 13 percent and 14 percent in previous five straight sessions before Wednesday's rally.

Among others, there were only buyers in Orient Bell, Birla Cable and Bal Pharma which have registered 19.66 percent gains to close at Rs 559.60, rallied 19.54 percent to Rs 132.15 and climbed 19 percent to Rs 119.65, respectively.