Though Hindustan Aeronautics looks lucrative at current levels, one should wait as HAL is trading near its previous tops.
Sunil Shankar Matkar
March 17, 2022 / 07:38 AM IST
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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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After a day of correction, bulls were back in action, helping the benchmark indices post nearly 2 percent gains with support from every sector on March 16. The market recouped all its previous day’s losses as positive global cues lifted sentiment.
The BSE Sensex jumped 1,040 points or 1.9 percent to 56,817 and the Nifty50 climbed 312 points or 1.9 percent to 16,975, while the broader markets also participated in the run with the Nifty Midcap 100 index gaining 2 percent and Smallcap 100 index rising 1.2 percent.
Among sectors, Nifty Bank, auto, financial services and metal indices led the charge, rising 2-2.6 percent, while FMCG and IT added 1.8 percent.
Stocks in action include midcap cement firm JK Cement which was the largest gainer in the futures & options segment, rising 8 percent to Rs 2,486, Nippon Life India Asset Management which gained 6 percent at Rs 336 and defence company Hindustan Aeronautics which climbed 6 percent to Rs 1,462.
Nippon Life and Hindustan Aeronautics were the third and fourth biggest gainers in derivatives segment respectively.
Engineering services company ABB India and air conditioning manufacturer Voltas were also in action gaining 4.7 percent at Rs 2,191 and 4.8 percent at Rs 1,271 percent respectively.
Here’s what Jigar S Patel of Anand Rathi Shares & Stock Brokers recommends investors should do with these stocks when the market resumes trading today:
Nippon Life India Asset Management
The counter has seen massive beating in the recent past as profit booking was seen at high levels. At the current juncture, Nippon has formed Bullish Wolfe wave with reversal zone of Rs 300 levels.
In the recent past, the counter witnessed huge buying with volume picking up near its reversal zone.
One can buy this counter immediately at CMP in small quantity and another tranche at Rs 300 for long term. Upside is seen near Rs 400 with solid support of Rs 285.
ABB India
ABB India has corrected 19 percent from its previous high of Rs 2,468 two months ago and currently has formed a base above its 200 day exponential moving average (DEMA) on daily chart.
In the previous trading session, the counter reversed from reversal zone of Rs 2,100 levels along with moving average convergence divergence (MACD) positive crossover (four hours chart) near zero line followed by good volume buying.
Therefore, one should add at current levels in small quantity and wait for some dip till Rs 2,100. Upside is expected till Rs 2,400 and solid support is seen at Rs 2,000.
JK Cement
We have a fantastic setup in JK cement, precise bullish deep crab @ 1.9 pattern on daily chart with classic Doji & Inverted Hammer near potential reversal zone of Rs 2,260-2,300 along with 14 period daily relative strength index (RSI) displaying complex behaviour which is a sign of early reversal.
From investor perspective, this are lucrative levels from where one can add in small quantity now and add another tranche at Rs 2,250 levels. Upside is seen till Rs 3,000 levels with Rs 2,050 as a good support.
Hindustan Aeronautics
Though Hindustan Aeronautics looks lucrative at current levels, one should wait because HAL is trading near its previous tops.
Massive resistance is seen at Rs 1,500 and CMP is Rs 1,462 along with volume picking up at higher levels which is an exhaustion sign. As of now wait and watch for HAL.
Voltas
Just like HAL, Voltas is also facing the same situation. It is trading near its previous tops with multiple resistance with volume picking up at higher levels which is an exhaustion sign. As of now wait and watch for Voltas.
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 making any investment decisions.
