Sectorally, buying was seen in oil & gas, energy, and public sector stocks while selling was seen in consumer durables, IT, telecom, and auto counters.
Stocks that were in focus include names like
which was up more than 10%, Godfrey which gained more than 3%, and which was up more than 1% on Monday.
Here’s what Jatin Gohil, Technical and Derivative Research Analyst at Securities recommends investors should do with these stocks when the market resumes trading today:
VA Tech Wabag – Hold
The stock bounced after a few days of consolidation and rose to a 52-week high. A rise in volume indicates that major market participants were in favor of the bulls. The key technical indicators are positively poised.
On the higher side, the stock may face hurdles around its medium-term supply zone (Rs 400-410). A stable move above that supply zone could take the stock towards Rs 530 initially and Rs 640 subsequently.
In case of any decline, the stock will find support at around Rs 325, which coincides with its 20-day EMA and also, with its lower band of the consolidation.
– Book profit
In Nov’22, the stock witnessed a breakout from a decade-old range of oscillation (Rs 700-1,400) and extended gain subsequently. This took the stock near its breakout target of Rs 2,100 in a very short span.
Although the key technical indicators are in favor of bulls on the short-term timeframe chart, its medium-term indicators tested the overbought zone and may reverse down. Hence, profit booking cannot be ruled out after a short-term rise.
Apollo Hospitals – Buy
The stock formed a bullish reversal pattern around its prior point of polarity (placed at around Rs 4,600). The stock also found support around its 20-day EMA and breached its prior daily falling trend.
The stock has the potential to move towards Rs 4,900-5,000-5,140 in the short term. Major technical indicators gave a buy signal on the near-term timeframe chart. In case the stock violates its prior point of polarity, the probable upside will be negated.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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