Greaves Cotton has seen good price volume action in the last 2 days and has breached above its 20-day SMA (Rs 170). One can continue holding the stock and expect upside towards Rs 225 followed by Rs 250 levels. Downside support for the stock is placed at Rs 170-175 zone.
Sunil Shankar Matkar
March 22, 2022 / 07:45 AM IST
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After nearly a 4 percent rally in previous two trading sessions, the market succumbed to selling pressure due to unending Ukraine-Russia war and elevated oil prices, on March 21. In fact, it was a bad start to the week, weighed down by banks, auto, FMCG and IT stocks.
The BSE Sensex plunged 571 points or 0.99 percent to 57,292, and the Nifty50 declined 169 points or 0.98 percent to 17,118, while there was a mixed trend in the broader space with the Nifty Midcap 100 index falling 0.3 percent and Smallcap 100 index gaining 0.23 percent.
Stocks that were in action include Selan Exploration Technology and Valiant Organic which were locked in 20 percent upper circuit. The former closed at Rs 183.45 and later finished traded at Rs 1,034.
Among others, Delta Corp was the biggest gainer in the futures and options segment, rising nearly 10 percent to Rs 313, and Vedanta which was the third largest gainer in derivatives segment, climbing nearly 6 percent to Rs 400. Greaves Cotton was also in focus, jumping 7 percent to Rs 190.
Here’s what Malay Thakkar of GEPL Capital recommends investors should do with these stocks when the market resumes trading today:
Delta Corp
Delta Corp has broken out of a 6 months long consolidation with sharp increase in volumes indicating a start of a new bullish trend.
On the daily charts, the stock has formed a Bullish Marubozu candlestick formation. RSI (relative strength index) plotted on weekly timeframe has given a trendline breakout and is confirming the breakout.
We recommend investors to buy, hold and accumulate this stock for upside targets of Rs 360 followed by Rs 390 levels. We recommend a stop-loss of Rs 290 on daily closing basis for this stock.
Selan Exploration Technology
Selan Exploration has crossed the 52-week high on March 21 with a breakaway gap indicating strength in the counter. The RSI indicator on weekly has crossed above the 60 mark and confirms the breakout.
Investors and traders can continue holding the stock as it looks ready to move towards Rs 200 followed by Rs 220 levels. A strict stop-loss of Rs 170 should be followed for this trade.
Valiant Organics
On short term charts, Valiant Organics is moving with lower highs and lower lows formation. In Monday’s session the stock has seen a sharp up move backed by highest volumes in past 6 months and given a close at 6-week High.
Traders and investors can continue holding the stock as the short term bullish momentum can take the stock towards Rs 1,180 followed by Rs 1,300.
Downside support for the stock is now placed at Rs 930-940 zone.
Vedanta
Vedanta on mid term charts is moving in an uptrend and holding above its 20-week SMA (Rs 350) since November 2020 with some mild whipsaws.
After multiple attempts, the stock managed to breach above Rs 400 mark in Monday’s session.
The RSI has also witnessed a range sift and is sustaining above the 50 mark since November 2020. Traders and investors can continue holding the stock and till the stock sustains above Rs 375 it can move higher towards Rs 440 followed by Rs 495 levels.
Greaves Cotton
Greaves Cotton has seen good price volume action in the last 2 days and has breached above its 20-day SMA (Rs 170).
The stock has moved higher after creating a triple bottom near the Rs 160 mark and has now closed at the 4-week high.
One can continue holding the stock and expect upside towards Rs 225 followed by Rs 250 levels. Downside support for the stock is placed at Rs 170-175 zone.
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.
