On short term time frame, momentum indicators indicate Trent is in to overbought zone and high chances of quick short term price correction is not ruled out if it trading below Rs 1,200.
Sunil Shankar Matkar
March 21, 2022 / 07:22 AM IST
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The market staged robust performance for second consecutive session on March 17 as bulls retained their dominance. All sectoral indices on the NSE barring Nifty IT settled 2-3 percent higher. Nifty Realty, closing 3.13 percent higher was the top sectoral gainer followed by Nifty Financial services and Nifty Auto, closing with gains of 2.77 percent and 2.18 percent each.
Positive global trend, hopes for resolution to Ukraine-Russia crisis through peace talks, and a drop in oil prices aided the market sentiment.
The BSE Sensex climbed more than 1,000 points to 57,864, while the Nifty50 gained more than 300 points to close near 17,300, the highest level since February 17.
The rally was also visible in broader space as the Nifty Midcap 100 index gained 1.4 percent and Smallcap 100 index rose 1.2 percent.
Stocks that were in action include Trent, biggest gainer in the futures & options segment, climbing nearly 8 percent to end at record closing high of Rs 1,262 per share; JSW Steel, the third largest gainer on the Nifty50, ended 4.56 percent higher at Rs 685; IFB Industries spiked over 13 percent after a long time to settle at Rs 997 apiece.
All these three stocks continued uptrend for second consecutive session on Thursday.
Here’s what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today:
Trent
On March 17, the stock made yet another all-time high of Rs 1,284. In this month so far, it rallied nearly 25 percent. The important point is stock not only surpassed its previous high of Rs 1,212, but comfortably sustained above the same.
On daily and intraday charts, the stock is holding higher high and higher low series formation which is broadly positive for the Trent. However, on short term time frame, momentum indicators indicate stock is in to overbought zone and high chances of quick short term price correction is not ruled out if it trading below Rs 1,200.
For the next few trading session Rs 1,200 would be the trend decider level for the bulls. If it sustains above the same, then it could see continuation of uptrend up to Rs 1,300-1,345.
On the flip side, dismissal of Rs 1,200 could possibly trigger quick short term correction till Rs 1,130-1,100.
IFB Industries
After a medium term price correction, the stock took the support near Rs 800 and reversed sharply. Post reversal, it has formed higher bottom formation and on last Thursday, it successfully clears the short term resistance of Rs 900. A strong price volume intraday rally indicating further uptrend from current levels.
We are of the view that, on the medium term time frame, trend is still in to the weak side but on short run, the current pullback rally is likely to continue.
For the breakout traders, Rs 950 would be the trend decider level, below the same the chances of hitting Rs 900-870 would turn bright.
On the flip side, Rs 1,050-1,100 could be the immediate hurdle for the bulls.
JSW Steel
After a short term price correction, the stock took the support near Rs 570 and reversed quickly. Post promising reversal formation, it has formed Head and Shoulder formation which is grossly positive for the JSW Steel.
Currently the stock is trading above 20, 50 and 200-day simple moving average (SMA) and after a long time on weekly charts, it succeeds to close above Rs 678 resistance level.
For traders, now 200-day SMA or Rs 670 would be the key level to watch out. Above which the wave will continue till Rs 700-715. On the flip side, below Rs 670 uptrend would be vulnerable.
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