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Trade Spotlight | What should you do with Prestige Estates, Apollo Hospitals, Gujarat Ambuja Exports, Infibeam Avenues?

Trade Spotlight | Here's what Mazhar Mohammad of Chartviewindia.in recommends investors should do with these stocks when the market resumes trading today

January 19, 2022 / 07:25 AM IST
Trade Spotlight for Wednesday

Trade Spotlight for Wednesday

 
 
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Bears have returned to rule Dalal Street. The benchmark indices fell significantly dented by selling pressure across sectors, barring private banks and weak global cues.

The BSE Sensex fell more than 550 points to 60,755 and the Nifty50 declined nearly 200 points to 18,113, while the broader markets corrected more than 2 percent.

Stocks that were in focus include Prestige Estates Projects, which hit a fresh record high of Rs 554.90 before closing with 2.77 percent gains at Rs 526.65, and Gujarat Ambuja Exports, which rallied 3.96 percent to Rs 190.15.

Infibeam Avenues rallied 8.5 percent to Rs 44.30, whereas Apollo Hospitals was the fifth biggest loser in the futures and options segment, falling 6 percent to Rs 4,615.80.

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

Close

Prestige Estates Projects

Despite hitting life-time highs, the medium-term trend of this counter seems to be sideways in a broader range of Rs 520 to Rs 400. In the last four months, with its price behaviour, it carved out a well-defined channel in which the upper bound acted as a supply point where as lower boundary witnessed buying interest.

In the last session, it gave up all the intraday gains to close around the lowest point of the session. Hence, it may witness more selling pressure in the next session, if it trades below Rs 522 levels. Therefore, we don't advise fresh longs unless it closes above Rs 555 levels. On such a close, initially Rs 590 can be expected.

Positional traders who have own this counter shall either book profits and wait for a breakout above Rs 555 with a stop-loss below Rs 522 or exit if it fails to close above Rs 555 in next two sessions.

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Apollo Hospitals Enterprises

This counter seems to have witnessed some critical breakdowns on weekly charts as in the current week it erased a four-week-old pull-back attempt from the lows of Rs 4,643 to a high of Rs 5,148 in the current week in which only two sessions passed.

This faster retracement on the downside is hinting at more selling pressure with initial targets of Rs 4,351 levels and breach of this can drag it down further towards Rs 3,955 levels.

For the time being, fresh long side bets should be avoided, whereas short-term traders who already invested in this counter, should exist either on pull back towards Rs 5,000 levels or triggering a stop-loss below Rs 4,500 levels.

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Gujarat Ambuja Exports

Last two trading sessions of sharp up-move on the back of massive volumes may be hinting at a breakout above its 94-day-old corrective and consolidation phase.

Volumes with sharp price appreciation may be pointing at a trend reversal with a sustainable up-move. Moreover, as this counter is trading close to its life highs of Rs 202, beyond that a higher target of Rs 219 can't be ruled out.

Hence, it remains a 'buy on dip' opportunity but with a stop-loss below Rs 180 on closing basis for a target of Rs 219.

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Infibeam Avenues

This counter appears to be in a multi-week consolidation zone of Rs 58 - 37 for the last 10 months. However, last four weeks of price structure is in extremely narrow ranges and seems have formed a decent base around Rs 39.

This was followed by sharp price rise on the back of massive volumes. Hence, positional traders are advised to adopt a two pronged strategy of buying now and add on dips in the zone of Rs 42 – 40 levels and look for an initial target of Rs 57. Stop-loss suggested for the trade is a close below Rs 39.

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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.



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