The price behaviour of Bandhan Bank for the last few trading sessions is hinting that this scrip is on a sustainable pullback mode. Moreover, the last 50 weeks of price behaviour is hinting that this counter is moving in some form of a downsloping channel.
Sunil Shankar Matkar
March 16, 2022 / 07:29 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”); 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Bears took charge of the Dalal Street on March 15, wiping out most of the previous day’s gains. The BSE Sensex cracked more than 700 points to settle at 55,777, and the Nifty50 fell over 200 points to end at 16,663, as weak global cues and rising COVID cases in Europe & China dented market sentiment.
Selling pressure was witnessed across metal and IT stocks. Nifty Metal corrected 4 percent, while Nifty IT corrected 2.6 percent. Nifty PSU Bank, Nifty Private Bank declined 1 percent each.
The broader markets also witnessed pressure as the Nifty Midcap 100 and Smallcap 100 slipped 0.87 percent and 1.4 percent respectively.
Stocks that were in action or bucked the trend include private sector lender Bandhan Bank which was the biggest gainer in the derivatives segment, rising 6.1 percent to Rs 281. FMCG company Tata Consumer Products was the fifth largest gainer in the futures & options segment, climbing 3.6 percent to Rs 749.
Industrial gases company Linde India continued its uptrend for third consecutive session, gaining 11.4 percent to close at Rs 3,256. PET film manufacturer Polyplex Corporation maintained its northward journey for sixth straight session, rising 7.2 percent to Rs 2,085. The scrip has rallied 15 percent in the last six sessions.
Here’s what Mazhar Mohammad of Chartviewindia.in recommends investors should do with these stocks when the market resumes trading today:
Tata Consumer Products
Albeit this counter rallied from the lows of Rs 650 to Rs 750 levels in the last 7 trading sessions, it can be running into its critical resistance points.
Nevertheless, based on huge volumes of the last trading session, it can be expected that this counter is heading for a breakout as long as it sustains above Rs 723 levels.
For time being, we advise fresh buying only on a breakout with a close above Rs 777 levels or on a dip around 730 levels. Stop-loss suggested for the trade is below Rs 720 whereas breakout target can be Rs 847 levels.
Linde India
New lifetime highs, in a turbulent market, can be hinting that this counter has decoupled itself with the larger trends of the market owing to its own inherent strength.
Moreover, in the current week, it seems to have registered a consolidation breakout after remaining sideways for a period of 25 weeks.
As a consolidation zone is around 600 rupees range an initial target of Rs 3,545 can be projected. We can stop advised for the trade if it closes below Rs 2,940 levels.
Polyplex Corporation
This counter appears to be on the verge of a consolidation breakout as it is moving in a consolidation zone of Rs 2,100 – Rs 1,600 for the last 20 weeks. Hence, in the current week if this counter registers a close above Rs 2,100 levels then it can initially head towards Rs 2,570 levels.
Considering relatively higher volumes and decent price appreciation of the last session, one can remain long in anticipation of a breakout but stop-loss will remain below Rs 1,950 levels. Hence, dips can be a buying opportunity.
Bandhan Bank
The price behaviour of this counter for the last few trading sessions is hinting that this scrip is on a sustainable pullback mode. Moreover, the last 50 weeks of price behaviour is hinting that this counter is moving in some form of a downsloping channel.
Hence, if it sustains above Rs 259 levels, it can eventually head to the upper boundary of the said channel.
Therefore, positional traders can buy into this counter with a stop-loss below Rs 269 levels and look for a target of Rs 317 levels.
Analyst disclosure: Neither he nor his clients own any of the scrips discussed above.
Disclaimer: The views and investment tips expressed by investment 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.
