Any sustainable upmove above Rs 400-410 levels will cause an upward breakout in Indraprastha Gas. Rising volumes at lower levels signifies increased participation near the support zone. The daily and weekly strength indicator RSI continues to remain bullish which signals rising strength at lower levels.
Sunil Shankar Matkar
May 16, 2022 / 06:36 AM IST
Technical stocks
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // 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(); glbbid=v.id; } }); } }); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“#myframe”).attr(‘src’,’https://accounts.moneycontrol.com/mclogin/?d=2′); $ (“#LoginModal”).modal(); } function overlay(n) { document.getElementById(‘back’).style.width = document.body.clientWidth + “px”; document.getElementById(‘back’).style.height = document.body.clientHeight +”px”; document.getElementById(‘back’).style.display = ‘block’; jQuery.fn.center = function () { this.css(“position”,”absolute”); 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The market had a strong rebound with the Nifty50 rising 275 points intraday to move past psychological 16,000 mark but failed to hold on to those gains and succumbed to selling pressure in the last hour of trade on May 13 despite bulls backing global counterparts.
The BSE Sensex fell 137 points to 52,794 and the Nifty50 declined 26 points to 15,782, dragged by banking & financial services, metal and select technology stocks.
However, the broader markets smartly outperformed frontline indices, with the Nifty Midcap 100 and Smallcap 100 indices rising around a percent each.
The volatility also cooled down a bit, but remained way above 20 levels indicating continuity of swings going ahead. India VIX, which measures the expected volatility in the market, fell 3.21 percent to 23.49 levels.
Stocks that were in focus included RBL Bank which was the biggest gainer in the futures & options market, rising nine percent to Rs 111; Indraprastha Gas was the third largest gainer in the derivatives segment, climbing nearly eight percent to Rs 373; Tata Elxsi saw a sharp single day rally after a long time surging 14.6 percent to Rs 7,887.
Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
RBL Bank
The stock is in downtrend across all time frames forming a series of lower tops and bottoms indicating sustained downtrend. Currently the stock is sustaining below its 20, 50, 100 and 200 day simple moving averages (SMAs) which reconfirms bearish bias.
However, with last Friday’s strong gains, the stock has rebounded sharply from an earlier swing low of Rs 101 levels. This bounceback is accompanied with huge volumes indicating buying at lower levels.
The weekly price action has resulted in ‘Hammer’, a short term trend reversal pattern. Hence, any followup close above previous week’s high (Rs 116) will confirm the pattern. On the downside, Rs 101-100 remains a crucial support zone.
Investors should hold this stock with Rs 100 stop-loss, with an expected upside of Rs 120-130. Hence, any bounceback towards resistance zone remains an exit opportunity near resistance zone.
Tata Elxsi
The stock is in a strong uptrend across all time frames forming a series of higher tops and bottoms representing a strong uptrend. However, since November 2021, we observed negative divergence on weekly RSI (relative strength index) which signals loss of strength on a rally.
With the current week’s low (Rs 6,432) the stock sharply rebounded from its 200 day SMA (Rs 6,277) which remains a crucial support zone to watch out for.
Hence, any weekly close below this support zone may cause profit booking. In the weekly time frame, the stock has witnessed violation of an up-sloping channel, which signals loss of strength at higher levels.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 8,500-9,000, with downside support zone of Rs 6,300-6,000 levels.
Indraprastha Gas
In March, the stock has observed a sharp rebound around Rs 320 levels, but remained sideways within Rs 400-340 levels indicating a sideways trend.
Any sustainable upmove above Rs 400-410 levels will cause an upward breakout. Rising volumes at lower levels signifies increased participation near the support zone.
The daily and weekly strength indicator RSI continues to remain bullish which signals rising strength at lower levels.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 410-440, with downside support zone of Rs 335-320 levels.
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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