Stocks like Suven Pharma rose over 5 percent, Balrampur Chini Mills rallied nearly 7 percent, and Wipro closed with gains of over 3 percent to a fresh 52-week high on April 22.
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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Indian market snapped a two-day losing streak and closed in the green on April 22. The S&P BSE Sensex rallied by more than 300 points while the Nifty50 climbed back above 14,400 levels.
Sectorally, buying was seen in banks, finance, metals, realty, and oil & gas stocks while profit booking was seen in consumer durables, FMCG, IT, and consumer discretionary space.
The S&P BSE Mid-cap index closed with gains of 0.28 percent while the S&P BSE Small-cap index was up 0.59 percent.
Stocks like Suven Pharma rose over 5 percent, Balrampur Chini Mills rallied nearly 7 percent, and Wipro closed with gains of over 3 percent to a fresh 52-week high.
Here’s what Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities Ltd, recommends investors should do with these stocks when the market resumes trading today:
Suven Pharma: Buy
On April 22, the stock witnessed a gap-up start and rallied over 5 percent. It also registered a fresh all-time high of Rs. 543.95. The stock has formed a strong price volume breakout formation which is broadly positive.
The medium-term structure of Suven Pharma is robust, and on the daily charts, the stock has formed a Higher High and Higher Bottom series which clearly suggests that the uptrend pattern is likely to continue in the near term.
For the breakout traders, Rs 500 should be the sacrosanct support level. If it manages to trade above the same, then we can expect an uptrend continuation wave up to Rs 550 – Rs 575.
Balrampur Chini Mills: Uptrend may continue
On April 22, the stock made a fresh 52–weeks high of Rs 273.15. In this month alone, the stock has rallied nearly 30 percent, and it should be noted that the stock not only surpassed its previous 52-week high of Rs. 248.45 but comfortably managed to sustaine above the same level.
On the daily and weekly charts, the stock has formed a breakout continuation pattern, which is grossly positive for the Balrampur Chini.
However, in the short term, the intraday charts suggest that the stock is in an overbought zone and high chances of quick short-term price correction is not ruled out if stock trades below Rs 245.
For the next few trading sessions, Rs 245 – Rs 255 should be the trend decider level for the bulls. And if it sustains, we can expect a continuation of uptrend towards Rs 290.
Further, uptrend may also continue which could lift the stock to Rs 305 on the flip side, dismissal of Rs 245 could possibly trigger a short-term correction up to Rs 230.
Wipro: important support placed at Rs 464
So far this month, the stock rallied over 20 percent. Today, after a strong opening, the stock registered a fresh 52–weeks high of Rs. 494.50. On the daily charts, the stock has formed a strong higher bottom series formation.
The stock is consistently making a higher bottom series pattern which is broadly positive for the Wipro. That apart, it is trading well above medium-term and short-term averages along with positive SAR series, which suggest high chances of a further uptrend from current levels.
For the swing traders, Rs 464 should act as an important support level. And, if the stock manages to trade above the same, we can expect a continuation of uptrend wave up to Rs 525.
Disclaimer: The views and investment tips expressed by 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.
