Sun TV Network rebounded from its two years major support of Rs 400 levels. This buying was accompanied with huge volumes which signals buying support near major support zones. The stock is well placed above the 20-day SMA which remains a positive sign.
Sunil Shankar Matkar
June 20, 2022 / 06:23 AM IST
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Bears retained their control over Dalal Street for the sixth consecutive day, pulling the benchmark indices to a new 52-week low on June 17. The BSE Sensex fell more than 100 points to 51,360, and the Nifty50 declined 67 points to close a tad below 15,293.50, the lowest closing level since May 25, 2021.
Stocks from the sectors like auto, FMCG, IT, pharma and oil and gas witnessed selling pressure, but buying in Bajaj Finance twins, ICICI Bank, Reliance Industries, ITC and HDFC Bank curtailed the losses.
The correction in broader space was higher than benchmarks as the breadth was largely in favour of declines. The Nifty Midcap 100 index fell 1.16 percent and Smallcap 100 index dropped 0.8 percent as more than two shares declined for every share rising on the NSE.
India VIX, which measures the expected volatility in the market, fell marginally by 0.48 percent to 22.76 levels, but still above the crucial 20 mark which can bring volatile swings and support bears in the coming days.
Stocks that were in action and outperformed the market included Delta Corp and Sun TV Network which were the biggest gainers in the futures and options segment. Delta Corp rallied 12.4 percent to Rs 184.20 and Sun TV Network jumped nearly 6 percent to Rs 433.
Among others, Elecon Engineering Company rose 6 percent to Rs 259.50 and Welspun Corp climbed more than 4 percent to Rs 208.55.
Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:.
Delta Corp
On the short term chart, the stock is in bearish mode forming a series of lower tops and bottoms indicating weakness. However with Friday’s 12 percent gains the stock rebounded sharply. This buying was accompanied with huge volumes indicating buying interest at lower levels.
The weekly price action has resulted in a “Hammer” – a short term trend reversal candlestick pattern. However any follow up positive close will confirm the mentioned pattern.
The stock is sustaining below 20, 50, 100 and 200 days simple moving average (SMA) which supports bearish trend. The daily strength indicator relative strength index (RSI) has turned bullish from oversold zone which signals bounceback rally.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 200-225, with downside support zone of Rs 160 levels.
Elecon Engineering
The stock is in strong uptrend across all time frames forming a series of higher tops and bottoms indicating sustained up trend. On the weekly chart, the stock has confirmed “rounding bottom” formation breakout around Rs 220 levels indicating resumption of earlier upmove.
The stock is sustaining above 20, 50, 100 and 200 days SMA which reconfirmed bullish trend. The weekly band bollinger buy signal signals increased momentum.
Rising volumes on a rally indicate increased participation. The weekly and monthly strength indicator RSI is in bullish mode which supports rising strength
Investors should buy, hold and accumulate this stock with an expected upside of Rs 280-300, with downside support zone of Rs 230-220 levels.
Sun TV Network
In Friday’s session, the stock has gained 6 percent. The stock rebounded from its two years major support of Rs 400 levels. This buying was accompanied with huge volumes which signals buying support near major support zones. The stock is well placed above the 20-day SMA which remains a positive sign.
Since the past couple of months the stock is consolidating within Rs 450-400 levels, hence any either side breakout will indicate further direction.
The daily strength indicator RSI has turned bullish from the oversold zone which signals a bounceback rally.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 460-485, with downside support zone of Rs 400 levels.
Welspun Corp
On the weekly time frame, the stock is in a strong up trend forming a series of higher tops and bottoms. This price action has resulted in an Up-sloping channel which reconfirms the bullish trend.
It is also well placed above 100 and 200 days SMA which remains a positive sign. The daily and weekly strength indicator RSI is in bearish mode which signals correction on the short term charts.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 240-260, with downside support zone of Rs 185-180 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.
