On daily and weekly charts, Skipper has formed double bottom formation. Post short term correction, the stock took the support near Rs 55 and bounced back sharply.
Sunil Shankar Matkar
May 13, 2022 / 06:47 AM IST
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// 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(); 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Bears tightened their grip over Dalal Street on May 12 on the back of a global correction due to a higher-than-expected US inflation that hinted at faster policy tightening by the Federal Reserve and a slowdown in the British economy amid continuing geopolitical tensions.
The BSE Sensex fell more than 1,158 points or 2.1 percent to 52,930, while the Nifty50 has broken psychological 16,000 mark, declining 359 points or 2.2 percent to 15,808 and formed bearish candle on the daily charts.
Nifty Bank, Financial Services, and Metal indices were the biggest losers, falling more than 3 percent each, followed by Auto, FMCG, IT and Pharma indices which declined 1-2 percent.
The market breadth remained in favour of bears as about five shares declined for every share rising on the NSE. The broader markets were down around 2 percent.
Stocks that were in action and bucked the trend in today’s fall included Indiabulls Housing Finance which was the biggest gainer in the futures & options market, rising 6.75 percent to Rs 118.65.
Among others, Skipper rallied 7.7 percent to Rs 60.6, and Man Industries (India) climbed 5.16 percent to Rs 78.40.
Here’s what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today:
Indiabulls Housing Finance
In this month so far, the corrected over 20 percent. On daily and weekly charts, it is consistently forming lower top formation which is largely negative for the Indiabulls Housing Finance.
After a sharp fall, on last Thursday the stock took the support near Rs 105 and bounced back sharply. Despite weak market conditions, the stock held the positive stance throughout the day.
Technically, the larger texture is still in to the weak side but continuation of pullback rally is possible. If the stock succeeds to trade above Rs 114.
For the momentum traders, Rs 114 would be the key support level. And, if stock succeeds to trade above the same, we could expect continuation of pullback rally till Rs 130-138. However, below Rs 114 uptrend would be vulnerable.
Skipper
On daily and weekly charts, the stock has formed double bottom formation. Post short term correction, the stock took the support near Rs 55 and bounced back sharply.
Currently the stock is witnessing non-directional activity perhaps, traders are waiting for the either side breakout.
For the bulls, Rs 64 would be the important breakout level to watch. And if, the stock manages to close above the same, we can expect quick uptrend rally towards Rs 68-70. On the flip side, trading below Rs 58 it may increase further weakness up to Rs 55.
Man Industries
After a medium term correction, the stock took the support near Rs 70 and bounced back sharply. On last Thursday, despite extremely weak market conditions it rallied over 5 percent.
However, the short texture of the stock is non-directional and volatile. For traders, now Rs 83 would be the important resistance level. Above which, continuation of pullback rally will continue till Rs 87-90.
On the flip side, below Rs 75 fresh round of selling possible. As a result, chances of hitting Rs 70-68 would turn bright.
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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