The market closed yet another volatile session on a positive note on April 10, continuing the uptrend for the sixth straight day, tracking positive trend in global counterparts.
The Nifty50 settled above the 17,600 mark for the first time since March 8, advancing 25 points to 17,624, while the BSE Sensex gained 13 points to close at 59,847.
The Nifty Midcap 100 and Smallcap 100 indices performed better than benchmarks, rising 0.4 percent and 0.3 percent, while the market breadth was slightly tilted in favour of bulls as about 1,099 shares advanced against 988 declining shares on the NSE.
Stocks that were in action included Prestige Estates Projects which climbed more than 6 percent to Rs 446 and formed a strong bullish candlestick pattern on the daily charts with above-average volumes. With Monday's rally, the stock closed above all key moving averages (21, 50, 100 and 200-day EMA - exponential moving average), with making higher top higher bottom for six days in a row.
PFC shares rallied nearly 6 percent to Rs 166 and formed long bullish candlestick pattern on the daily scale with above average volumes. The stock remained above key moving averages, with making higher highs higher lows for sixth consecutive session.
DLF remained on buyers' radar for sixth straight day, rising 6 percent to Rs 405.5 and formed robust bullish candlestick pattern on the daily timeframe with strong volumes on the daily charts. The stock also remained above all key moving averages.
Here's what Vidnyan Sawant of GEPL Capital recommends investors should do with these stocks when the market resumes trading today:
The stock of Prestige Estates has shown a bounce from the support level of Rs 395 where the prices earlier had shown bounce from. The latest up move from the support has given a breakout of the bearish trend line indicating reversal to the upside from the current levels.
Bollinger bands on the daily timeframe have opened up with high volumes, reflecting rising volatility in the prices. Breakout from the RSI (relative strength index) reflects rising momentum in the prices for an up move.
We recommend traders and investors to buy and accumulate this stock for the target of Rs 505 with a stop-loss of Rs 415 on the closing basis.
The Ratio chart of DLF against its benchmark index Nifty Realty has kept rising. This illustrates the clear outperformance of the stock to its other counterparts.
The stock has shown a breakout of the Rectangle pattern which indicates beginning of the trend to the upside. Prices have sustained well above Upper Bollinger Bands indicating rising volatility of the prices.
The relative strength index (RSI) on the daily timeframe has sustained well above 60 mark reflecting presence of bullish momentum.
We recommend traders and investors to buy and accumulate this stock for the target of Rs 450 with a stop-loss of Rs 385 on the closing basis.
Power Finance Corporation (PFC)
The stock of PFC is in a uptrend with higher highs and higher low which illustrates positive undertone of the prices. The recent up move in the prices was preceded by the prices taking support from the neckline of the Rounding bottom pattern.
The stock is above key moving averages, such as the 50-day and 200-day exponential moving averages, further confirming an uptrend.
The relative strength index (RSI) on the daily timeframe has maintained a range of 40 – 75 reflecting presence of positive momentum. We recommend traders and investors to buy this stock for the target of Rs 190 with a stop-loss of Rs 150.
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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