Here’s what Mehul Kothari of Anand Rathi Shares & Stock Brokers, recommends investors should do with these stocks when the market resumes trading today.
Sunil Shankar Matkar
November 01, 2021 / 08:59 AM IST
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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(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); });
Bears kept a tight control over Dalal Street as the benchmark indices fell for the third consecutive session on October 29 and ended the first session of November series with a loss of one percent each, weighed by private banks & financials, technology stocks, and profit booking index heavyweights – Reliance Industries and L&T.
The BSE Sensex has broken below the crucial 60,000-level, down 678 points at 59,307, while the Nifty50 went closer to 17,600-mark intraday before ending the Friday’s session 186 points lower at 17,672. But the broader market managed to outperform as the Nifty Midcap 100 and Smallcap 100 indices were down 0.15 percent and 0.46 percent, respectively.
On the day of correction, stocks that were in action included InterGlobe Aviation, which surged 8.87 percent to close at Rs 2,175.20; Canara Bank (rose 9.77 percent to Rs 214.50). Both stocks were top gainers in the F&O segment. Ujjivan Financial Services rose rising 18 percent to close at Rs 179.95, while Dr Reddy’s Laboratories was the second biggest gainer in the Nifty50, rising 1.95 percent to Rs 4,659.20.
Here’s what Mehul Kothari of Anand Rathi Shares & Stock Brokers, recommends investors should do with these stocks when the market resumes trading today:
Canara Bank
The weekly chart of Canara Bank depicts that the stock is coming into the range of Rs 215-235 which has been a kind of supply zone based on the historical evidences.
In addition the stock has gave a decent run up in short term. Thus we are of the opining that traders might find it difficult to make money by going longs at this juncture.
However, above Rs 235, the stock would enter into a new trajectory and that could bring the stock near Rs 300 mark. Thus investors should continue to hold it since we are bullish on Nifty Bank index too.
Dr Reddy’s Laboratories
On the weekly chart of Dr Reddy’s Labs, we have drawn a parabolic trend line which indicates that the stock is very much near to a major support of Rs 4,400.
Till the time, the stock is trading above Rs 4,400, investors can heave a sigh of relief since the support coincides with the placement of Ichimoku cloud.
Below the same, the stock would enter a strong bear trend. However, as per our market projection, we feel that there are chances of upside from here on towards Rs 5,000.
InterGlobe Aviation
After the major breakout above Rs 1,900 mark, IndiGo retested that breakout and is now again moving higher. The theoretical target of the breakout for long term is at around Rs 3,000.
Thus, investors should keep holding their longs for few months. On the other hand, traders can make entry above Rs 2,300 which is its life time high. On the downside, intermediate support is at Rs 1,850.
Ujjivan Financial Services
The stock has been in a strong down trend but from an investment point of view, it has confirmed a double bottom formation at Rs 125. In addition, there a bullish wolfe wave formation which signals towards a target of Rs 300 in the coming few months.
For very short term, the stock might find some supply at current market price since that is the placement of 21-week EMA. Thus one should hold the stock if already long or for fresh entry. Traders can look for a dip from here on.
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