Tata Elxsi rose more than 7 percent, Apollo Hospitals 13 percent and Hikal over 2 percent on August 17 to hit a 52-week high as benchmarks indices scaled new peaks
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .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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India’s benchmark indices hit a new high on August 17, supported by rally in IT, healthcare, and FMCG stocks. The Nifty crossed 16,600 for the first time, while the Sensex hit 55,854.
On the sectoral front, buying was seen in IT, healthcare, consumer durable, and power stocks, while metal and telecom dragged.
Tata Elxsi, which rose more than 7 percent to hit a fresh 52-week high, Apollo Hospitals that gained over 13 percent and Hikal that was up 2 percent were in focus. Apollo Hospitals and Hikal, too, hit a 52-week high.
Here’s what Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, recommends investors should do with these stocks when the market resumes trading today:
Tata Elxsi
This counter appears to have registered a consolidation breakout after moving in an extremely narrow range for almost five weeks.
This breakout has signalled the resumption of the up move. Moreover, the last 28 weeks of the price action carved out into some sort of ascending channel. Last week, this counter almost tested the lower end of the said channel with an intra-week low of 4,110, adding more credence to this fresh leg of upswing.
As long as the stock sustains above 4,428, a higher target of 5,700 can be expected. Therefore, positional traders should hold but fresh buying should be considered on a dip into the 4600–500 zone but with a stop below 4,428.
Apollo Hospitals
Since the absolute low of 1,047 in April 2020, this counter is moving in a well-defined ascending channel with multiple touch points. It seems to have resumed its up-move after a pause of three weeks.
If it sustains above 4,330, the counter can head to test its upper boundary of the channel, whose value is placed at around 4,900.
Considering the sharp upswing and limited upsides and potential resistance from the upper boundary of the said channel it looks prudent to take profits in the next session.
Fresh buying opportunities may arise in the 4,600–4,500 zone on stability but with a deep stop below 4,330.
Hikal
This counter has been in a steady uptrend from the last April lows of 143 from where it has gained almost five times. Since June, however, the stock has often faced resistance at higher levels and slipped into a sideways consolidation.
It is critical for this counter to sustain above 670 levels below which a sharp correction can be expected. If it holds above 670, the stock can head towards 770.
Considering the Shooting Star formation of the last session, positional traders are advised to maintain a stop below 670, whereas fresh buying is advisable only on a strong up move without violating 670 levels.
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.
