Union Bank of India shares gained 4.7 percent to close at Rs 66, forming long bullish candle on the daily charts with above average volumes. The stock closed above the median of Monday’s red candle, may be indicating positive mood.
Sunil Shankar Matkar
November 17, 2022 / 06:24 AM IST
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}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 extended uptrend for the second straight session, though the gains were limited on November 16 as traders seem to have maintained cautioun amid geopolitical tensions, but experts feel the mood is still positive in the market considering technical indicators.
The BSE Sensex ended at a fresh record closing high of 61,981, higher by more than 100 points, while the Nifty50 managed to defend the 18,400 mark, rising 6 points to 18,410.
However, there was underperformance by the broader markets. The Nifty Midcap 100 index fell more than six-tenth of a percent and Smallcap 100 index declined 0.8 percent.
Stocks that saw buying interest and performed better than broader markets included Hindustan Aeronautics which was the biggest gainer in the futures & options segment rising more than 6 percent to end at record closing high of Rs 2,681 and formed robust bullish candle on the daily charts with healthy volumes. The stock also made higher high higher low formation for second straight session.
Union Bank of India shares gained 4.7 percent to close at Rs 66, forming long bullish candle on the daily charts with above average volumes. The stock closed above the median of Monday’s red candle, may be indicating positive mood.
Cyient was also in action, climbing 5 percent to Rs 809 and formed strong bullish candlestick pattern on the daily charts with high volumes, making higher high higher low for fourth consecutive session.
Here’s what Rupak De of LKP Securities recommends investors should do with these stocks when the market resumes trading today:
Union Bank of India
The stock has been moving higher post a rounding bottom pattern breakout on the daily chart. The recent rise in the price was backed by a surge in volume, suggesting improved participation. The 50 DMA (days moving average – Rs 48.86) and 200DMA (Rs 41.77) are in the “golden crossover”.
Over the short term the stock may continue to move higher. On the higher end, the stock may move towards Rs 76. On the lower end support is pegged at Rs 61. One can buy the stock.
Cyient
The stock moved up after forming a double bottom on the daily chart. Besides, the price has moved up above 50DEMA (days exponential moving average), confirming the uptrend.
A positive divergence is visible in the RSI (relative strength index 14). Over the short term the stock may continue to move higher. On the higher end, the stock may move towards Rs 885, with support at Rs 774. One can buy the stock.
Hindustan Aeronautics
The stock has given a falling trendline breakout on the daily chart, where the breakout candle was backed by a spike in volume count. Besides, the stock has found support at the 50EMA before moving up.
The RSI is in bullish crossover. Over the short term the stock may continue to move higher. On the higher end, the stock may move towards Rs 2,950; on the lower end, support is pegged at Rs 2,549. One can buy the stock.
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.
