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Trade Spotlight | What should you do with NALCO, Indiabulls Real Estate, Apollo Hospitals, Metropolis today?

Indiabulls Real Estate appears to have registered a Harami kind of candlestick formation, on daily charts, hinting that trend for near term might be shifting in favour of bulls.

February 23, 2022 / 08:32 AM IST
  • bselive
  • nselive
Todays L/H

Bears tightened their grip over Dalal Street with the benchmark indices falling seven-tenth of a percent as the rising Ukraine-Russia tensions and further spike in oil prices weighed on the market sentiment.

The BSE Sensex fell 383 points to 57,301, and the Nifty50 declined 115 points to 17,092.

All sectoral indices closed in the red with IT, FMCG, and Metal being the top losers, falling 1 percent each. The broader markets, too, were under pressure with the Nifty Midcap 100 and Smallcap 100 indices declining 1 percent and 2 percent.

Stocks that were in focus include NALCO, Apollo Hospitals Enterprises and Metropolis Healthcare which were the second, third and fourth biggest gainers respectively, in the futures and options segment. NALCO gained 3.5 percent to close at Rs 115.50 after falling nearly 9 percent in previous four consecutive sessions.

Apollo Hospitals Enterprises corrected 5 percent in previous four straight sessions, before closing the session on Tuesday at Rs 4,576 with 3.4 percent gains. Metropolis Healthcare was up 2.9 percent at Rs 2,033, while Indiabulls Real Estate surged more than 10 percent to Rs 113.65 after falling 19 percent in previous four sessions in a row.

Here's what Mazhar Mohammad of recommends investors should do with these stocks when the market resumes trading today:


This counter seems to have reversed its trend, in favour of bulls, as it smartly bounced back from intraday low of Rs 108 levels. Interestingly, the said low not only coincides with the 62 percent retracement level of the last leg of rally from the lows of Rs 99 to Rs 128 levels but also interacts with the trend line support as shown on the chart.

Therefore, as long as it sustains above Rs 108 levels it should head higher to test recent peak of Rs 128 where it appears to have formed a double top. Stop-loss suggested for this trade will be a close below Rs 108 levels.


Apollo Hospitals Enterprises

This counter, seems to be in a base building process, after the sharp cut from the highs of Rs 5,935 to Rs 4,150 levels, as it is moving in a zone of Rs 4,794 to Rs 4,300 levels for last couple of weeks.

Bullish Engulfing formation of last trading session from the intraday low of Rs 4,300 on relatively higher volumes seems to have set the tone for a pullback rally.

However, initial target for this pullback attempt shall be Rs 4,794 levels and a close above that shall confirm a sustainable upmove. Outlook shall remain positive as long as this counter trades above Rs 4,300.


Metropolis Healthcare

This counter appears to be making efforts to stabilise, as hinted by the sideways move of last couple of trading sessions, after retracing 62 percent of its entire upmove from the March 2020 lows of Rs 998 to a high of Rs 3,571 levels.

Hence, sustaining above Rs 1,933 levels it can make an attempt to pullback into the bearish gap zone of Rs 2,298 – Rs 2,363 levels.

In case, as medium-term trend is down, if this counter registers a close below Rs 1,870 levels, then it can slide down all the way to Rs 1,550. If someone is holding then they are advised to maintain a stop-loss below Rs 1,925 levels.


Indiabulls Real Estate

This counter appears to have registered a Harami kind of candlestick formation, on daily charts, hinting that trend for near term might be shifting in favour of bulls. Moreover, at recent low of Rs 99 this counter seems to have retraced 62 percent of the huge rally from the November 2020 low of Rs 46 to a high of Rs 196 levels.

Hence, sustaining above Rs 99 levels it can make a pullback attempt with initial targets of Rs 132 levels. In case if this counter registers a close below Rs 95 levels then it can slide down all the way into the zone of Rs 76 to Rs 72 levels.


Disclaimer: The views and investment tips expressed by investment experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.

Sunil Shankar Matkar