Monday was a volatile day for the markets after a strong rally in the previous session. The BSE Sensex fell more than 170 points to 61,624, and the Nifty50 was down 21 points to 18,329 at close.
The broader markets had slightly better performance on Monday, as the Nifty Midcap 100 index closed flat, and the Smallcap 100 index gained half a percent amid weak breadth.
About 1,117 shares declined against 900 advancing shares on the NSE.
The volatility index India VIX increased by 3.5 percent to 14.91 levels, but still at comfortable levels.
Stocks that were in action and performed much better that broader markets included Krishna Institute of Medical Sciences which rallied nearly 9 percent to end at record closing high of Rs 1,576 and formed robust bullish candle on the daily charts with healthy volumes.
Fortis Healthcare shares gained nearly 8 percent to close at Rs 304 and formed a long bullish candle on the daily charts with high volumes. In fact, it closed above the median of previous very long bearish candle formed on September 22.
Ambuja Cements was also in focus, rising 4 percent to end at a record closing high of Rs 580 and formed strong bullish candlestick pattern on the daily charts with above average volumes.
Here's what Vidnyan Sawant of GEPL Capital recommends investors should do with these stocks when the market resumes trading today:
Krishna Institute of Medical Sciences
KIMS has shown change in its polarity around the level of Rs 1,420 by the prices, which indicates towards the rising bullish sentiment in the stock.
Prices have shown a bounce on the upside post the breakout of the rounding bottom pattern which points towards the beginning of the trend on the upside.
Prices have sustained well above the upper Bollinger band showing rising volatility of the underlying.
The stock has seen a breakout in momentum indicator RSI (relative strength index) on the daily timeframe, reflecting the rising momentum of the underlying.
We recommend traders and investors to buy this stock for the target of Rs 1,800 with a stop-loss of Rs 1,430 on the closing basis.
Ambuja Cements is currently trading near its all-time high level which tells that the stock already is in strong momentum.
Around the level of Rs 550, we can observe change in the polarity by the prices, indicating rising bullish sentiment behind the stock.
The 18 days EMA (exponential moving average) has started to act as a proxy to the rising trend line indicating acceleration in the uptrend.
RSI on the daily time frame has shown a swing failure reflecting the Rising momentum in the stock.
We recommend traders and investor to buy this stock for the target of Rs 625 where the stop-loss must be Rs 550 on the closing basis.
Fortis has been trading in a broader range of Rs 320-226 level since August 2021 with no clear trend. Where post September 2022 the stock has witnessed a shortfall in the current range.
Prices have started to form higher high, Higher Low formation indicating uptrend till previous top levels.
Prices have sustained above upper Bollinger band after a squeeze pointing towards the rising volatility of the stock.
RSI on the daily timeframe have shown a range shift reflecting the rising momentum of the stock.
We recommend traders and investors to hold this stock till Rs 320, while keeping a stop-loss of Rs 280 on the closing basis.
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