Trade Spotlight | What should you do with Indiabulls Housing Finance, Macrotech Developers, Metropolis, Railtel Corp on Monday?

India

Metropolis Healthcare has given a declining trendline breakout after forming a base near Rs 1,500 levels. Huge rising volumes on price rise signifies increased participation in the rally. The daily strength indicator RSI has turned bullish indicating rising strength.

Sunil Shankar Matkar

June 06, 2022 / 06:53 AM IST

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The market opened on a strong note with the Nifty50 moving up to 16,800 intraday but failed to hold on to those gains in the last hour of trade and lost more than 1 percent from the day’s high to close with moderate losses on June 3.

All sectoral indices, barring IT, settled lower on Friday with the banks, auto, metal, select pharma and FMCG stocks pulling the market down, however, the buying in technology, Reliance Industries and L&T restricted losses.

The BSE Sensex declined 49 points to 55,769, and the Nifty50 fell 44 points to 16,584, while the broader markets were under pressure with the Nifty Midcap 100 and Smallcap 100 indices down 1.6 percent and 0.86 percent.

The market breadth was in favour of bears as about two shares declined for every share rising on the NSE.

Stocks that were in action included Indiabulls Housing Finance and Metropolis Healthcare which were the biggest gainers in the futures and options segment, rising 4.4 percent to Rs 122.60 and climbing 4.4 percent to Rs 1,644 respectively.

Among others, Macrotech Developers and Railtel Corporation of India gained more strength in the second half on Friday, rising 5.4 percent to Rs 1,091.15 and up 5.4 percent to Rs 104.35 respectively.

Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:

Indiabulls Housing Finance

The stock has formed a base near Rs 105-120 levels (consolidation range) and has bounced from Rs 105 levels twice. Hence any either side breakout of range will signal the direction. Huge volume spurt near the support zone signals increased participation at lower levels.

Currently the stock is well placed above its 20 and 50 days simple moving average (SMA) which supports positive bias on short term charts. The daily and weekly strength indicator relative strength index (RSI) has turned bullish indicating rising strength.

Investors should buy, hold and accumulate this stock with an expected upside of Rs 145-150, with downside support zone of Rs 105-110 levels.

Image1562022

Macrotech Developers

The stock is in strong up trend across all the time frame as the stock is forming a series of higher tops and bottoms indicating sustained up trend. It has also given a W-pattern breakout. The stock is strongly well placed above its 20, 50, 100 and 200 days SMA which reconfirm bullish sentiments.

With Friday’s up move the stock has recaptured 20 and 50 days SMA and rebounded sharply. Huge rising volumes on price rise signifies increased participation in the rally.

The daily strength indicator RSI has turned bullish indicating rising strength.

Investors should buy, hold and accumulate this stock with an expected upside of Rs 1,200-1,300, with downside support zone of Rs 1,000-900 levels.

Image2562022

Metropolis Healthcare

The stock has given a declining trendline breakout after forming a base near Rs 1,500 levels. Huge rising volumes on price rise signifies increased participation in the rally.

The daily strength indicator RSI has turned bullish indicating rising strength.

Investors should buy, hold and accumulate this stock with an expected upside of Rs 1,800-2,000, with downside support zone of Rs 1,500-1,400 levels.

Image3562022

Railtel Corporation of India

The stock has given a rounding breakout after forming a base near Rs 90-92 levels. Huge rising volumes on price rise signifies increased participation in the rally.

The daily strength indicator RSI has turned bullish indicating rising strength. Investors should buy, hold and accumulate this stock with an expected upside of Rs 110-120, with downside support zone of Rs 90-85 levels.

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