Bulls took a breather on November 9 as traders turned cautious ahead of the US inflation numbers for October due this evening. Overall it was a volatile session for the market on Wednesday with various sectors throwing up a mixed trend.
The BSE Sensex fell more than 150 points to close above the 61,000 mark, while the Nifty50 fell 46 points to 18,157 levels and formed a bearish candle on the daily charts.
The broader markets were also under pressure with breadth favourable to bears. The Nifty Midcap 100 and Smallcap 100 indices declined 0.7 percent and 0.56 percent respectively.
Stocks that were in action and bucked trend included Bank of India which rallied 9 percent to Rs 77, forming strong bullish candle on the daily charts with robust volumes, continuing uptrend for fourth consecutive session. In fact, the entire PSU banks saw buying interest on Wednesday.
Jubilant Ingrevia shares gained 4 percent at Rs 557, nearly a month high, and formed robust bullish candle on the daily charts with healthy volumes.
Mrs. Bectors Food Specialities rose 5.5 percent to Rs 414.8, forming big bullish candle on the daily frame with above average volumes and making higher highs for second straight session.
Here's what Jigar S Patel of Anand Rathi Shares & Stock Brokers recommends investors should do with these stocks when the market resumes trading today:
Since last two months it is making higher highs and higher lows indicating up thrust in the counter. At current juncture, it has reversed from 200 DEMA (days exponential moving average) high and low channel (refer chart) indicating upside in the counter.
On indicator front daily MACD (moving average convergence and divergence) has made bullish crossover above zero line along with volume activity picking up confirming further upside.
One can buy or hold from current levels with upside target of Rs 610 with credible support at Rs 525.
Though the counter looks lucrative but one needs to pay attention that it is near its historical resistance of Rs 80. Any sharp rally of 90 degree slope is difficult to sustain.
On indicator front, daily MACD is overstretched hinting towards stagnation or possible correction. Book partial profit if already holding. As of now wait and watch.
Mrs. Bectors Food Specialities
Since last 5 months it is making higher highs and higher lows indicating up thrust in the counter. At current juncture it has reversed from 200 DEMA high and low channel (refer chart) indicating upside in the counter.
On indicator front daily MACD has made bullish crossover above zero line along with volume activity picking up confirming further upside. One can buy or hold from current levels with upside target of Rs 470 with credible support at Rs 380.
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.
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