Indoco Remedies has given a falling trendline breakout with a rise in volume activity. The stock has broken above the previous swing high and negated the lower high lower low formation. The RSI indicator can also be seen giving a trendline breakout and confirming the bullish view.
Sunil Shankar Matkar
June 07, 2022 / 06:28 AM IST
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The market closed yet another volatile session with moderate losses on June 6 despite positive momentum in the global counterparts. The Nifty50 fell 15 points to 16,570, and the BSE Sensex declined 94 points to 55,675 as traders remained cautious due to elevated oil prices and ahead of interest rate decision by Monetary Policy Committee.
The broader markets were also under pressure as the breadth was in favour of bears. The Nifty Midcap 100 index slipped 0.11 percent and Smallcap 100 index declined 1 percent as about three shares declined for every two rising shares on the NSE.
India VIX, which measures the expected volatility in the market, rose 1.13 percent to 20.20 levels, indicating the continuity of volatile swings going ahead.
Stocks that were in action included Mangalore Refinery and Petrochemicals which was locked in 5 percent upper circuit at Rs 90.5, Indoco Remedies which gained nearly 5 percent at Rs 380, and Elecon Engineering which jumped nearly 9 percent to Rs 250.60.
Here’s what Malay Thakkar of GEPL Capital recommends investors should do with these stocks when the market resumes trading today:
Mangalore Refinery and Petrochemicals
In the past 2 months, MRPL has shown strong outperformance as prices moved from Rs 38 to Rs 95 levels. The up move in the prices has been backed with strong volumes indicating strong participation in the counter.
The stock has broken and sustaining above the November 2018 highs indicating strength in the counter. The relative strength index (RSI) indicator on all timeframes i.e Daily, Weekly & Monthly is sustaining above the 60 mark suggest strong momentum in the underlying.
We advise traders and investors to continue holding the stock expecting upside towards Rs 97 followed by Rs 102 levels, while Rs 85 level on the downside would act as a strong support for the stock.
Elecon Engineering
On mid-term charts, Elecon Engineering is moving in a strong uptrend since November 2020 maintaining the higher high and higher low formation.
In the past week, the stock has given a 6-month long consolidation breakout backed with strong volumes. The stock has broken above the upper Bollinger band and the bands are expanding indicating chances of a trending move going ahead.
We advise traders and investors to continue holding the stock with a strict stop-loss of Rs 225 and expect upside towards Rs 285-290 levels.
Indoco Remedies
Indoco Remedies has given a falling trendline breakout with a rise in volume activity. The stock has broken above the previous swing high and negated the lower high lower low formation.
The RSI indicator can also be seen giving a trendline breakout and confirming the bullish view.
We advise traders and investors to continue holding the stock for upside towards Rs 405 followed by Rs 425 levels. We recommend to follow a stop-loss of Rs 360 on daily closing basis.
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.
