Indoco Remedies shares rallied more than 7 percent to Rs 415.35 and formed long bullish candle on the daily charts with strong volumes. Overall it has seen a good run up after breaking out long downward sloping resistance trend line adjoining August 12, 2021 and August 3, 2022.
Sunil Shankar Matkar
November 25, 2022 / 06:53 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’); } }
It was a good show by the market on the final day of November series as the benchmark indices ended at record closing high, tracking positive global cues amid hopes of slowing down rate hike aggression by Federal Reserve and fall in oil prices, on November 24.
The cooling down volatility also supported bulls as fear index India VIX dropped by 4 percent to 13.48 levels.
The BSE Sensex rallied more than 760 points to 62,273, and the Nifty50 jumped over 200 points to 18,484, forming bullish candle on the daily charts.
But the same healthy trend was not seen in broader markets as the Nifty Midcap 100, Nifty Smallcap 100 and Midcap 50 indices gained half a percent each.
Stocks that were in action included Gujarat State Petronet which was the biggest gainer in the futures & options segment, climbing 9.5 percent to Rs 260.45, the highest closing level since May 26 this year and formed robust bullish candle on the daily charts with large volumes. It has seen a breakout of long downward sloping resistance trend line adjoining August 20, 2021, and November 22, 2022.
Indoco Remedies shares rallied more than 7 percent to Rs 415.35 and formed long bullish candle on the daily charts with strong volumes. Overall it has seen a good run up after breaking out long downward sloping resistance trend line adjoining August 12, 2021 and August 3, 2022.
NLC India was also in focus, rising 5 percent to Rs 83.55 and formed long bullish candle on the daily charts with above average volumes. It has been making higher high higher low formation for third consecutive session. Also there was a good breakout of long downward sloping resistance trend line adjoining May 4 and November 11 this year.
Here’s what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today:
Gujarat State Petronet
In this month so far, the stock rallied over 18 percent. The stock has formed long bullish candle on weekly and monthly charts and successfully surpassed 200-day SMA (simple moving average) or Rs 250 resistance zone, which is broadly positive.
For the positional traders, now 200-day SMA or Rs 250 would act as a trend decider level. If the stock succeeds to trade above the same then it could move up to Rs 270-285.
On the flip side, below Rs 250 uptrends would be vulnerable.
Indoco Remedies
On last Thursday, the stock rallied over 7 percent and successfully cleared the short-term resistance of Rs 410. A strong price volume rally is indicating further uptrend from the current levels.
However, the short-term texture of the stock is mildly overbought hence we could see some profit booking at higher levels.
For traders, buying on dips and sell on rallies would be the ideal strategy, Rs 400 and Rs 395 would be the key support zone for the traders, whereas Rs 440-450 could as an immediate hurdle for the bulls.
NLC India
After a short-term correction, the stock took the support near 20-day SMA (simple moving average) and reversed. After a promising reversal formation, the stock is holding higher bottom formation and it also formed bullish candle on weekly charts.
We are of the view that, as long as the stock is trading above 20-day SMA or Rs 78 the uptrend formation is likely to continue.
Above which, the stock could move up to Rs 88-90. On the flip side, below Rs 78 it could slip till Rs 75-73.
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.
