Currently JK Lakshmi Cement is well placed above 20, 50 and 100 day SMA. The daily weekly strength indicator RSI is in bullish terrain which supports rising momentum. The daily “band Bollinger” buy signal indicates increased momentum.
Sunil Shankar Matkar
May 23, 2022 / 06:18 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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The market rebounded quite sharply and recouped all its previous two-day losses in one single session on May 20 as the benchmark indices rallied nearly three percent, supported by positive global trend.
The rally was across sectors with metal, pharma, realty and healthcare indices being prominent risers with around four percent gains each.
The BSE Sensex surged more than 1,500 points to 54,326, and the Nifty50 spiked more than 450 points to 16,266, the highest level since May 9, forming a bullish candle on daily charts.
The broader markets also participated in a bull run with the Nifty Midcap 100 and Smallcap 100 indices rising 2.2 and 2.5 percent respectively. On the other side, the volatility declined but remained on the higher side overall, indicating continuity in volatile swings in the market going ahead. India VIX fell 5.93 percent to 23.10 levels.
Stocks that were in action included Granules India which was the biggest gainer in the futures & options segment, rising 10.5 percent to Rs 271.2; JK Lakshmi Cement which was climbing higher for second consecutive session, up 17 percent at Rs 493.75 taking total two-day gains to 26 percent; and Welspun Corp which gained for sixth straight session, rising 17 percent to Rs 245 taking total six-day gains to 46 percent.
Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
Granules India
Since December 2020, the stock was trending down forming a series of lower tops and lower bottoms, however, with last week’s price gain of 13 percent, the stock has rebounded very sharply from 61.8 percent Fibonacci retracement support zone of previous upmove (Rs 114-438).
This buying is accompanied with huge volumes indicating increased participation at lower levels. Currently the stock is well placed above 20 day simple moving average (SMA) which supports bullish sentiments.
The daily and weekly strength indicator RSI has turned bullish indicating rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 300-315, with downside support zone of Rs 240-230 levels.
Welspun Corp
On the weekly time frame, the stock is in a strong uptrend forming a series of higher tops and bottoms indicating a sustaining uptrend. With last week’s 37 percent gains, the stock has decisively broken out of its past one year resistance of Rs 230 levels indicating strong comeback of bulls.
Huge volumes on breakout signals increased participation in a rally. The daily weekly and monthly strength indicator RSI is in bullish terrain which supports rising momentum.
The daily weekly “band Bollinger” buy signal indicates increased momentum. Currently the stock is well placed above 20, 50, 100 and 200 day SMA which reconfirms bullish trend.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 275-310, with downside support zone of Rs 210-190 levels.
JK Lakshmi Cement
Since July 2021, the stock is trending down forming a series of lower top and bottoms, however, with last week’s 27 percent gains the stock has rebounded sharply from its earlier breakout zone of Rs 385 levels. This buying was coupled with huge volumes indicating buying interest at support levels.
Currently the stock is well placed above 20, 50 and 100 day SMA with bullish sentiments. The daily weekly strength indicator RSI is in bullish terrain which supports rising momentum. The daily “band Bollinger” buy signal indicates increased momentum.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 580-620, with downside support zone of Rs 440-410 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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