NTPC was the third biggest gainer in the futures & options segment, climbing 5 percent to Rs 182, the highest level since December 2009. It has formed large bullish candlestick pattern on the daily charts with strong volumes. In fact the volume was above average for fourth consecutive day.
Sunil Shankar Matkar
November 02, 2022 / 06:22 AM IST
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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’); 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$ (“#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”); var topPos = ($ (window).height() – this.height() ) / 2; this.css(“top”, -topPos).show().animate({‘top’:topPos},300); this.css(“left”, ( $ (window).width() – this.width() ) / 2); return this; } setTimeout(function(){$ (‘#backInner’+n).center()},100); } function closeoverlay(n){ document.getElementById(‘back’).style.display = ‘none’; document.getElementById(‘backInner’+n).style.display = ‘none’; } stk_str=”; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=$ {stock_isinid}&ex=$ {stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, ‘_blank’); } }
The market on November 1 reached the highest level since January 2022 after the upward rally extended for the fourth straight session, driven by technology, metal, pharma and select FMCG stocks. Consistent buying by FIIs also aided the rally.
The BSE Sensex jumped 375 points to 61,121, while the Nifty50 rose more than 100 points to 18,145 and formed Doji kind of pattern on the daily frame, indicating indecisiveness among bulls and bears about future market trend.
The broader markets also gained but the breadth was not muted. The Nifty Midcap 100 index was up 0.87 percent and Smallcap 100 index rose 0.2 percent. About 10-odd shares advanced for nine declining shares on the NSE.
Stocks that outperformed the broader markets included Delhivery which was the biggest gainer in the Nifty500 index, freezing at 10 percent gains at Rs 378.60 after consistent sell-off in the recent past. The stock has formed long bullish candle on the daily charts with above average volumes.
ITI was also in action, rising 8.5 percent to a one month high of Rs 115 and formed healthy bullish candle on the daily charts with strong volumes.
NTPC was the third biggest gainer in the futures and options segment, climbing 5 percent to Rs 182, the highest level since December 2009. It has formed large bullish candlestick pattern on the daily charts with strong volumes. In fact the volume was above average for fourth consecutive day.
Here’s what Ruchit Jain of 5paisa.com recommends investors should do with these stocks when the market resumes trading today:
Delhivery
The stock had recently seen a sharp price wise correction backed with higher volumes. The momentum readings were in oversold zone which led to an up-move in the stock in Tuesday’s session.
Considering limited historical data, it is difficult to gauge the trend for the stock but traders should wait for formation of a higher top higher bottom structure for a confirmation of potential uptrend. Till then, one can look to avoid the stock.
The immediate supports for the stock would be seen around Rs 340.
ITI
If we look at the recent data on charts, the price up-moves in last four months have been supported by good volumes while in between corrections were just retracements of the previous up-moves where volumes were quite low. This indicates buying interest in the stock and hence, it seems that recent correction in the stock has been seen as buying opportunities.
The stock has potential to rally towards its previous swing highs of Rs 130 in the near term and hence traders should look to trade with a positive bias. The immediate support for the stock is now placed around Rs 108.
NTPC
The PSU stocks have seen a good buying interest off late and this stock has formed a ‘Higher Top Higher Bottom’ formation and has even surpassed its previous swing high resistance.
The volumes along with the price upmove are good while the RSI (relative strength index) oscillator is indicating a positive momentum.
Thus, traders can look to trade with a positive bias as prices have potential to continue this rally towards Rs 200 in the near term. The immediate support for the stock is placed around Rs 173.
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.
