The market saw consolidation on June 26 after corrections for a couple of days, and managed to take a support at the 18,650 levels as well as maintained the previous day's low on the Nifty50. If the index maintains these levels, then an upward trajectory may resume towards 18,800-18,900 levels, experts said.
The Nifty50 gained 26 points to 18,691 and formed Doji sort of a candlestick pattern on the daily charts, indicating indecisiveness among bulls and bears about future market trend. The BSE Sensex fell 9 points to 62,970.
The broader markets performed better then the benchmark indices on positive breadth. The Nifty Midcap 100 index edged up nearly 1 percent and the Smallcap 100 index climbed six-tenth of a percent.
The Bank Nifty settled 18 points higher at 43,641, while the Nifty IT advanced 36 points to 28,590.
Stocks that performed much better than the broader markets included SJVN, PB Fintech, and Mazagon Dock Shipbuilders. SJVN rallied 6.6 percent to end at record closing high of Rs 42, and formed robust bullish candlestick pattern on the daily charts with strong volumes. On an intraday basis, the stock surpassed its previous record high. It has given a nice downward sloping resistance trendline breakout.
PB Fintech jumped 6.3 percent to Rs 698.50, the highest closing level since May 24, 2022, and formed a strong bullish candlestick pattern on the daily charts with above-average volumes. The stock has maintained a 200-day EMA (exponential moving average) since February and has given a golden crossover with 50-day EMA crossing 200-day EMA in April, which is a positive sign.
Mazagon Dock Shipbuilders has rebounded with 7.2 percent gains at Rs 1,257 after a day of correction and also managed to hold its previous day's low. The trading volumes increased in current month, with the stock maintaining above 50-day EMA as well as 200-day EMA.
Here's what Vidnyan Sawant of GEPL Capital recommends investors should do with these stocks when the market resumes trading today:
The stock has been exhibiting a bullish trend, characterized by the formation of higher highs and higher lows. This indicates a positive underlying sentiment in the trend.
Furthermore, the stock recently retested the Cup & Handle Pattern and saw an upward bounce, with a breakout occurring in Mid June 2023.
To further support the uptrend, there is a positive crossover of the 12-day and 26-day exponential moving averages (EMA), which confirms the presence of upward momentum.
Additionally, the Relative Strength Index (RSI) on the daily timeframe has experienced a breakout, providing additional confirmation of the positive momentum.
We advise traders and investors to buy this stock for the target of Rs 770 where the stop-loss must be Rs 650 on the closing basis.
The stock is approaching a record high, indicating strong momentum in the prices. Furthermore, there has been a breakout of the Rounding Bottom pattern, a reliable pattern that suggests the continuation of an upward trend.
Additionally, the stock prices are currently trading above the 12-day EMA, providing further confirmation of the ongoing uptrend. Moreover, the relative strength index (RSI) has shown a bullish reversal, indicating rising momentum in the prices.
We advise traders and investors to buy this stock for the target of Rs 1,400 where the stop-loss must be Rs 1,160 on the closing basis.
The stock is currently demonstrating a prominent upward trend and is nearing its historical high, indicating strong momentum in the trend. Additionally, there are indications of the stock breaking out of a Rounding Bottom pattern, suggesting a continuation of the upward trend.
Moreover, on the daily timeframe, the prices have experienced a rebound from the 12-day (EMA), which has acted as a dynamic support level. This further supports the positive outlook for the stock.
Furthermore, the RSI has consistently remained above the 60 mark, indicating the sustained presence of positive momentum in the stock's price movement.
We recommend traders and investors to buy this stock for the target of Rs 46.75 with a stop-loss of Rs 39.
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
