Given the up-move for yet another session, the market registered a fresh record closing high on June 21 despite weakness in global counterparts, while the broader markets sustained an upward journey for eight days in a row.
The BSE Sensex rallied nearly 200 points to 63,523, and the Nifty50 surged 40 points to 18,857, while the Nifty Midcap 100 index gained 0.8 percent and Smallcap 100 index was up 0.1 percent.
The Bank Nifty also traded in line with the benchmark Nifty50, rising 93 points to 43,859, while Nifty IT index closed with 95 points gains at 29,026.
Stocks that outperformed the broader markets included JSW Energy, Linde India, and Tube Investments of India. JSW Energy climbed 6.7 percent to Rs 274 and formed a long, bullish candlestick pattern on the daily scale with significantly high volumes. The stock has seen a breakout of downward sloping resistance trendline adjoining highs of March 8, June 7 and June 8, and got back above its 200-day EMA (exponential moving average).
Linde India has also formed a strong, bullish candlestick pattern on the daily charts with healthy volumes, after four-day consolidation and correction. The stock gained 5.3 percent to end at record closing high of Rs 4,583, with making higher high, higher low formation.
Tube Investments of India also hit a fresh all-time high on Wednesday. The stock jumped 5 percent to settle at record closing high of Rs 3,172 and formed long bullish candlestick pattern on the daily timeframe, with above average volumes, after three-day consolidation.
Here's what Jigar S Patel of Anand Rathi Shares & Stock Brokers recommends investors should do with these stocks when the market resumes trading today:
Recently the said counter has taken out its Triangular pattern after reversing from a Bullish BAT pattern (refer to the chart). Having said that, for the last three months, it has been respecting its trendline which is a sign of an established uptrend of the counter.
From the indicator perspective, the daily relative strength index (RSI) is placed at 60 after sustaining above 50 levels for almost entire current month.
One can buy in a small tranche in the range of Rs 270-275 and another around Rs 260-264 (if tested) with an upside target of Rs 310. The stop-loss would be Rs 249 on a daily close basis.
Since the last couple of years, the said counter has been in a solidly established uptrend constantly trading above all critical exponential moving averages (refer to the chart).
At the current juncture, it has taken out its previous swing high of Rs 4,270 on the weekly scale (refer to the chart).
From an Indicator perspective, RSI weekly has just entered the 70 zone which is hinting towards further bullish momentum in the counter. One can buy in the range of Rs 4,580-4,620 for an upside target of Rs 5,000 and the stop-loss would be Rs 4,400 on a daily close basis.
For the last couple of years, the said counter has been in a strong uptrend constantly trading above all critical exponential moving averages (refer to the chart). At the current juncture, it has taken out its previous swing high of Rs 3,046 on the weekly scale (refer to the chart).
From an indicator perspective, RSI weekly has just entered the 70 zone which is hinting towards further bullish momentum in the counter. One can buy in the range of Rs 3,150-3,180 for an upside target of Rs 3,500 and the stop-loss would be Rs 2,297 on a daily close basis.
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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