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Trade Spotlight | What should you do with Torrent Power, Coforge, GAIL India on Tuesday?

GAIL India shares hit Rs 100 mark after a long time and rallied more than 3 percent to Rs 102.25, the highest closing level since May 20, 2022 and has formed long bullish candle on the daily charts with strong volumes, with higher high formation for fifth consecutive session.

January 24, 2023 / 06:40 AM IST
 
 
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The market rebounded after two-day losses and managed to recoup some of those losses on January 23, tracking positive global cues. The uptrend in most of sectors, barring metals, aided rally in benchmark indices, but the breadth tilted in favour of sellers which resulted into mixed close for broader markets.

The BSE Sensex rallied more than 300 points to 60,942, while the Nifty50 climbed over 90 points to 18,118. The index has formed Long Legged Doji pattern, signalling indecision among bulls and bears, and raising possibility of trend reversal.

On the broader markets front, the Nifty Midcap 100 index gained little more than half a percent and Smallcap 100 index closed flat with negative bias.

Stocks that were in action included Torrent Power which jumped nearly 7 percent to Rs 491 and formed robust bullish candle on the daily charts with strong volumes. Momentum oscillator RSI (relative strength index 14) with above 50 level is positive indication for the stock. It has seen a breakout of downward sloping resistance trend line adjoining highs of December 5, 2022 and January 18, 2023. It got back above short term exponential moving averages (EMA 9 and 21-day), but still below long term moving averages (50, 100 and 200 DEMA). The stock has seen a formation of Morning Star kind of candlestick pattern, a bullish reversal pattern, after losing around Rs 100 in last approximately one-and-half-month period.