The market closed its rangebound session on a negative note on June 29 ahead of monthly expiry of June futures and options contracts, dragged by banking and financial services, FMCG, and IT stocks.
The BSE Sensex fell 150 points to 53,027, and the Nifty50 declined more than 50 points to 15,799, while the broader space also closed in the red with the Nifty Midcap 100 and Smallcap 100 indices down 0.4 and 0.6 percent respectively.
Higher volatility continued to discomfort bulls, which needs to fall below 20 levels for stability in the market. India VIX, which measures expected volatility in the market, rose 2.09 percent to 21.9 levels.
Stocks that were in action and outperformed the broader space included Orient Bell which surged 14 percent to Rs 661, almost hitting the highest closing level of June 2. The stock has seen a robust bullish candlestick pattern on the daily charts formation with way-above average volumes.
Adani Transmission also formed a robust bullish candlestick pattern on the daily charts with more than double average volumes, closing 8.5 percent at Rs 2,348, the highest closing level since May 11, while Tejas Networks climbed 4 percent to Rs 458 and formed a bullish candle with above-average volumes on daily charts.
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:
The counter has seen very sharp correction of 36 percent between April 2022 and June 2022. Since then the stock is slowly making higher lows and higher highs on the daily chart (see chart).
At the current juncture, it has given a clean triangle breakout with positive volume picking up which hints at further upside.
One can hold (if already bought) and buy (if considering fresh buy) at the current market price. The upside is seen till Rs 2,600 with good support expected at Rs 2,150.
Tejas Networks has witnessed a very sharp correction of 33 percent between April 2022 and May 2022. Since then the stock is slowly making higher lows and higher highs on the daily chart (see chart).
On June 29, it gave a clean triangle breakout with positive volume picking up which hints at further upside. On the indicator front, daily MACD (moving average convergence and divergence) is giving bullish cross exactly near zero line along with daily RSI (relative strength index) bouncing from 50 levels indicating further upside till Rs 530 with plausible support seen at Rs 440.
One can hold (if already bought) and add (if considering fresh buy) at the current market price.
Though the counter is looking lucrative but at the current juncture it is trying to make triple top near Rs 685-690 levels. Also volume is very high at extreme price levels which is a sign of exhaustion.
One can book some profits at the current levels and fresh buying as of now is not advised.
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