The Indian market closed in the green on Friday for the third consecutive day. The S&P BSE Sensex rallied by more than 300 points while the Nifty50 closed above 16,200 levels.
Sectorally, buying was seen in capital goods, power, utilities, and industrials, while some profit booking was visible in metals, and telecom stocks. Stocks that were in focus include names like Radhakishan Damani promoted firm, DMart, which rose over 2 per cent ahead of its results on Saturday,
closed with marginal losses ahead of its June quarter numbers, and Monte Carlo closed with gains of nearly 9 per cent on Friday.
Here’s what Santosh Meena, Head of Research,
recommends investors should do with these stocks when the market resumes trading today:
D-Mart: 200-DMA of Rs 4,200 is an immediate hurdle
The counter ended its correction phase as it was breaking out down sloping channel formation and managed to close above its 100-DMA.
On the upside, 200-DMA of Rs 4,200 is an immediate hurdle; above this, we can expect a rally towards the Rs 4,400-4,500 zone. On the downside, Rs 3,750 is an immediate support level, while Rs 3,400 has become a base. Momentum indicators are positively poised to support the breakout.
TCS: 50-DMA of Rs 3,333 is an immediate hurdle
The counter is still making lower highs and lower lows formation where a 50-DMA of Rs 3,333 is an immediate hurdle; above this, we can expect a short-covering rally towards the Rs 3,470-3,500 zone.
It has to sustain above the Rs 3,500 mark for any major buying interest. On the downside, Rs 3,200 is an immediate support level; below this, it is vulnerable to a fall towards the Rs 3,000 mark. However, Rs 3,000 is a good level for fresh entry.
Monte Carlo: 840 is an immediate target
The counter is in strong bullish momentum where it manages to close above a fresh 52-week high that may lead to further bullish momentum in this counter. On the upside, Rs 840 is an immediate target, while Rs 880 will be the next target level. On the downside, the Rs 700 will act as an immediate support level.
Some momentum indicators are in overbought territory, but they may remain overbought for some more time.
(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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