The market sustained an upward journey for seven days in a row, tracking the rally in global counterparts on April 11. Banking & financial services, auto, FMCG, metal, and oil & gas stocks supported the market.
The BSE Sensex climbed more than 300 points to 60,158, and the Nifty50 rose nearly 100 points to 17,722, while the Nifty Midcap 100 and Smallcap 100 indices gained half a percent and four-tenth of a percent respectively on positive breadth.
Stocks that outperformed broader markets included Trident which jumped over 7 percent to Rs 32 and formed a long bullish candlestick pattern on the daily charts with strong volumes. The stock has been making higher highs higher lows for the third straight session.
Century Plyboards was also in action, rising nearly 4 percent to Rs 484 and formed a bullish candle on the daily timeframe with above-average volumes. The stock has decisively broken its previous four-day consolidation.
Raymond shares gained nearly 2 percent to Rs 1,310 and saw the formation of a bullish candlestick pattern on the daily charts with long upper shadow, indicating profit-taking at higher levels. The stock has maintained higher top higher bottom formation for the fourth straight session.
Here's what Vaishali Parekh of Prabhudas Lilladher recommends investors should do with these stocks when the market resumes trading today:
The stock after a downward trend with a descending channel pattern indicated that it has finally come out of the channel with a positive bullish candle moving above the 50-day EMA (exponential moving average) level of 30 decisively to improve the bias.
Further upward move is anticipated for initial targets of Rs 35 and Rs 38 levels with near-term stop-loss maintained at Rs 30 level. One can buy and accumulate the stock keeping in mind the levels mentioned.
The stock has eroded quite significantly from Rs 710 levels and recently has bottomed out near Rs 435 zone. And thereafter indicated a decent pullback to improve the bias and sentiment with indicators like RSI also improving with a steady recovery from the highly oversold zone to strengthen the trend and anticipate a further rise in the coming days.
We suggest buying the stock for an initial upside target of Rs 520-525 levels with near-term support maintained near Rs 464 level.
The stock has witnessed a downward slide recently and has bottomed out near Rs 1,100 levels to recover strongly and improve the trend. Currently, a decisive move past the 50EMA level of Rs 1,290 has further strengthened the trend to anticipate for further upward move Rs 1,430 zone from here on.
The RSI is well placed and is in a strong zone with upside potential visible and one can buy the stock for the initial target of Rs 1,400-1,430 levels keeping a stop-loss near Rs 1,260 zone.
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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