A run-up lasting five straight sessions helped the market close at a three-month high on the Nifty50 on April 28, backed by uptrend in all key sectors, with falling volatility to historical lows.
The BSE Sensex gained more than 460 points to 61,112, while the Nifty50 jumped 150 points to 18,065, the highest closing level since January 24, forming a bullish candlestick pattern on the daily charts, making higher tops higher bottoms for five days in a row.
Bank Nifty also formed bullish candlestick on the daily scale, as it closed with half a percent gains to close above 43,000 mark, the highest closing level since January 3.
The buying interest was also seen in broader markets as the Nifty Midcap 100 index gained 1.2 percent and Smallcap 100 index rose 0.83 percent on positive breadth.
Stocks that were in action on Friday included EIH which jumped 10 percent to Rs 189, the highest closing level since November 2, 2022 and formed a robust bullish candlestick pattern on the daily scale with strong volumes. The stock traded above all key moving averages (50, 100 and 200-day EMA - exponential moving averages).
Gujarat Ambuja Exports rallied nearly 5 percent to Rs 291, the highest losing level since September 23 last year and formed bullish candlestick pattern on the daily charts, with making higher highs higher lows for second consecutive session with above averages volumes.
Punjab National Bank traded above all key moving averages, with making higher tops for fifth straight day. The stock gained nearly 4 percent to settle at Rs 52.25, the highest closing level since January 31, 2023, and formed bullish candlestick pattern on the daily charts with above averages volumes.
Here's what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
The stock was consolidating for 6-7 months within "down-sloping channel", however with current week's strong gains the stock has decisively broken out the above mentioned formation on a weekly closing basis. This breakout is accompanied with huge volumes representing increased participation in the rally.
The stock has recaptured 100 and 200-day SMA (simple moving average) and rebounded sharply. The weekly "band Bollinger" buy signal shows increased momentum. The daily, weekly, monthly strength indicator RSI (relative strength index) is in positive terrain which signals rising strength across all the time frames.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 205-220, with downside support zone of Rs 178-168 levels.
After one year strong accumulation, the stock has decisively broken out its "descending triangle" breakout along with rising volumes. The stock is well placed above 20, 50, 100 and 200 SMA and rising along with prices indicating a strong up trend.
The weekly "band Bollinger" buy signal shows increased momentum. The daily, weekly, monthly strength indicator RSI is in positive terrain which signals rising strength across all the time frames.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 320-338 with downside support zone of Rs 278-265 levels.
In the last 3-4 months, the stock has corrected towards Rs 45 levels and rebounded sharply. The stock has exactly bounced from its past multiple support zone of Rs 45 levels which remains a crucial support zone.
The stock has recaptured its 200-day SMA which remains a positive bias. Since the last three weeks, the stock has observed rising volumes indicating increased participation.
The daily, weekly, monthly strength indicator RSI is in positive terrain which signals rising strength across all the time frames.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 60-68 with downside support zone of Rs 44 levels.
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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