Mahindra Holidays seems to have registered a consolidation breakout on huge volumes after remaining sideways for almost 9 weeks. Hence, sustaining above Rs 213 levels it can head higher to test its interim top of Rs 267 registered in the month of November 2021.
Sunil Shankar Matkar
March 23, 2022 / 07:10 AM IST
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The smart recovery from the day’s low helped the benchmark indices post more than a percent gains on Tuesday. The rebound was backed by positive global mood. Buying in banks, auto, IT, metals stocks and Reliance Industries aided the rally.
The BSE Sensex jumped nearly 700 points to 57,989, and the Nifty50 climbed nearly 200 points to close above 17,315.50, the highest level since February 16.
But the broader markets lagged frontline indices in terms of performance as the Nifty Midcap and Smallcap indices gained 0.28 percent each.
Stocks that were in focus include Rain Industries which was the top gainer in the futures and options segment, rising 5.8 percent to Rs 194.35; Jindal Drilling Industries which was locked in 10 percent upper circuit at Rs 264.70; Mahindra Holidays and Resorts India which rallied nearly 10 percent to Rs 233.25; and KSB Pumps which climbed 6.3 percent to Rs 1,238.
Here’s what Mazhar Mohammad of Chartviewindia.in recommends investors should do with these stocks when the market resumes trading today:
Jindal Drilling
This counter seems to be in a steady uptrend as it is resuming its up-move with a series of higher tops and higher bottoms formation. Moreover, on weekly charts, this seems to have registered a breakout from its 47-week old ascending channel.
Hence, sustaining above Rs 240 levels, it can eventually head towards Rs 300 levels. However, a close below Rs 240 can drag the weakness towards Rs 217 levels but such weakness can be an opportunity to create fresh longs.
For the time being, positional traders can hold with a stop-loss below Rs 240 levels.
Rain Industries
Decent price appreciation of the last session on the back of high volumes is hinting that this counter embarked on a fresh leg of upswing.
Hence, sustaining above Rs 181 levels it should eventually head towards Rs 240 levels. However, in between, there can be hiccups around Rs 217 – 220 levels.
Dips in this counter can provide the best opportunities to create fresh longs as a stop-loss will be below Rs 180 levels.
Mahindra Holidays and Resorts India
This counter seems to have registered a consolidation breakout on huge volumes after remaining sideways for almost nine weeks. Hence, sustaining above Rs 213 levels it can head higher to test its interim top of Rs 267 registered in the month of November 2021.
As stop-loss is almost 10 percent away from the current market price. Any dip between Rs 220 and Rs 215 can be a good opportunity to create fresh long positions by placing a stop-loss below Rs 212.
KSB Pumps
This counter seems to have resumed its uptrend after a brief consolidation as it registered a decent price appreciation on the back of relatively higher volumes. However, it witnessed profit booking at the intraday high of Rs 1,309 levels by leaving a long upper shadow which can be a cause for concern in the short term.
However, any dip should be considered as an opportunity to create fresh long positions with a stop-loss below Rs 1,170. On the upsides, while the initial target can be Rs 1,311 and on a close above the same can open the decks for the test of life highs present around Rs 1,411.
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.
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