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Trade Spotlight | What should you do with IndiaMART InterMESH, Whirlpool, Page Industries on Monday?

With Friday's up move, Page Industries has recaptured 20 and 50 day SMA and rebounded sharply. Huge rising volumes on price rise signifies increased participation in the rally. The daily strength indicator RSI has turned bullish indicating rising strength.

May 30, 2022 / 06:50 AM IST
 
 
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Bulls turned stronger on May 27, the first day of June series, taking the Nifty50 towards critical hurdle of 16,400 mark, the upper band of trading range that the index has been witnessing for the last couple of weeks. Experts feel if the said hurdle is crossed decisively, then the index can march towards 16,600-16,700 levels in coming days.

The benchmark indices gained for the second straight session after a previous three-day weakness. The BSE Sensex rallied more than 600 points to 54,885 and the Nifty50 gained more than 180 points to 16,352, while the strong participation was also seen from a broader space with the Nifty Midcap 100 and Smallcap 100 indices rising 1.4 percent each.

The breadth was in favour of bulls, supporting the market sentiment as nearly three shares gained for every declining share on the NSE. India VIX, the fear index, fell further to 21.48 levels, down 5.44 percent on Friday, but still on the higher side. Hence, unless and until it breaks and sustains below the 20 mark, the market is unlikely to see stability.

All sectors, barring Metal, closed in green with IT being lead gainer that gained 2.5 percent. Nifty Bank, Auto, and Financial Services indices rose around 1.5 percent each.

Stocks that were in action included IndiaMART InterMESH, Whirlpool, and Page Industries which were amongst top five gainers in the futures & options segment.

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IndiaMART InterMESH rallied more than 8 percent to Rs 4,515, Whirlpool jumped nearly 8 percent to Rs 1,622, and Page Industries climbed over 6 percent to Rs 44,442.

Here's what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:

IndiaMART InterMESH

The overall short to medium term trend continues to remain weak, however, since February 2022 the stock continued to consolidate within Rs 5,330-4,000 levels indicating minor sideways trend. Hence any either side breakout of range will signal the direction.

Huge volume spurt near the support zone signals increased participation at lower levels. Currently the stock is well placed above its 20 and 50 days SMA (simple moving average) which supports positive bias on short term charts.

The daily and weekly strength indicator RSI (relative strength index) has turned bullish indicating rising strength.

Investors should buy, hold and accumulate this stock with an expected upside of Rs 5,000-5,500, with downside support zone of Rs 4,000 levels.

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Whirlpool

Since January 2021, the stock has been trending lower forming a series of lower tops and bottoms indicating a downtrend. However with the last week's sharp bounceback the stock has formed "Hammer" candlestick - a short term trend reversal pattern indicating bounceback rally in the near term.

This buying was accompanied with huge volumes. The daily and weekly strength indicator RSI has turned bullish indicating rising strength.

Investors should buy, hold and accumulate this stock with an expected upside of Rs 1,750-1,830, with downside support zone of Rs 1,500-1,460 levels.

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Page Industries

The stock is in strong up trend across all the time frame as a stock is forming a series of higher tops and bottoms indicating sustained up trend. The stock is strongly well placed above its 20, 50, 100 and 200 days SMA which reconfirm bullish sentiments.

With Friday's up move the stock has recaptured 20 and 50 day SMA and rebounded sharply. Huge rising volumes on price rise signifies increased participation in the rally.

The daily strength indicator RSI has turned bullish indicating rising strength.

Investors should buy, hold and accumulate this stock with an expected upside of Rs 47,000-48,500, with downside support zone of Rs 41,500-40,400 levels.

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Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those 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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