The market reported half-a-percent gain on May 29, continuing with the up-trend for the third straight session on the back of positive trends in Asian counterparts. The BSE Sensex climbed over 340 points to 62,846.
The Nifty50 scaled nearly 100 points to 18,599 and formed Doji kind of candlestick pattern on the daily scale, indicating the indecisiveness among bulls and bears about future market trend after consistent upward journey in last three sessions.
Bank Nifty hit an intraday fresh record high of 44,483.35, and finally settled at new closing high of 44,312, up 294 points, while the broader markets also gained but less than benchmarks, as the Nifty Midcap 100 and Smallcap 100 indices gained 0.4 percent and 0.3 percent.
Stocks that were in action included eClerx Services which rose nearly 5 percent to Rs 1,613, the highest closing level since April 28 last year and formed bullish candlestick pattern with long upper & lower shadows on the daily charts, indicating volatility in the stock price. The trading volume was robust for yet another session, with stock making higher highs, higher lows formation for two days in a row.
Mahindra Lifespace Developers has formed long bullish candlestick pattern on the daily timeframe with robust volumes and making higher tops, higher bottoms for second straight session. The stock climbed 8.3 percent to Rs 440, the highest closing level since October 12 last year.
Macrotech Developers was also in action, rising 4 percent to Rs 1,060 and formed long bulllish candlestick pattern on the daily charts for yet another session with above average volumes. The stock has seen a breakout of long downward sloping resistance trendline adjoining highs of December 1, 2021, and January 20, 2023.
Here's what Vidnyan Sawant of GEPL Capital recommends investors should do with these stocks when the market resumes trading today:
The stock has protected the level of Rs 1,260 very prudently and has created a solid base at the same level. It has given a breakout of Descending Triangle pattern on the Daily charts which confirms the beginning of the trend to the upside.
The stock has sustained well above the key moving averages of 50 & 200-day EMA (exponential moving average).
The RSI (relative strength index) has sustained well above 60 mark on the weekly as well as on the daily time frame reflecting presence of positive momentum.
We advise traders and investors to buy this stock for a target of Rs 1,980, with a stop-loss must be Rs 1,500 on the closing basis.
On the monthly charts, the stock is currently trading at 7-month High, which reflects the improving undertone of the prices. On the daily charts, the stock has shown a breakout of the Double Bottom Pattern which indicates beginning of the trend to the upside.
On the daily time frame, the stock has shown a Golden Crossover confirming the beginning of the trend to the upside. The momentum indicator RSI has shown a breakout reflecting presence of positive momentum.
We recommend traders and investors to buy and accumulate this stock for the target of Rs 490 with a stop loss of Rs 410 on the closing basis.
Since February 2023, the stock has exhibited a favourable rebound pattern from Rs 700 level while effectively maintaining support at that level. The stock can be observed while breaking the bearish trend line which the prices respected since December 2021. This indicated a reversal to the upside.
The Bollinger bands on the daily time frame has opened which suggests the rising volatility for an up move. The Relative Strength Index (RSI) on the daily timeframe is constantly rising and is quoting at the highest level since January 2022 reflecting presence of positive momentum.
We recommend traders and investors to buy this stock for the target of Rs 1,220, with a stop-loss of Rs 995.
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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