Bharat Forge was in focus, rising 4 percent to Rs 871.35 and from long bullish candle on the daily charts with above average volumes. The stock has seen a breakout of downward sloping resistance trend line adjoining multiple points – November 11, December 1, and December 5 this year.
Sunil Shankar Matkar
December 09, 2022 / 06:23 AM IST
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The market reversed some of the previous day’s losses and closed third of a percent higher on December 8, backed largely by banking stocks. The Nifty50 has been taking a good support at 18,500 and closed tad above 18,600 on the weekly expiry day.
The index was up by nearly 50 points at 18,609 and formed a bullish candle on the daily charts, while the BSE Sensex jumped more than 150 points to 62,571.
The broader markets also showed good strength on Thursday with the Nifty Midcap 100 recouping all its previous day’s losses, gaining six-tenth of a percent and Smallcap 100 index rising third of a percent, while the volatility index India VIX declined by 4.83 percent to 13.40 percent, making the trend more favourable for bulls.
Stocks that performed better than the broader markets included Axis Bank which rallied 2.7 percent to end at record closing high of Rs 939.35 and formed a long bullish candle on the daily charts with above-average volumes. The stock has seen a strong breakout of horizontal resistance trendline adjoining several points on October 24, October 28, October 31, and December 7.
Godfrey Phillips India shares climbed nearly 7 percent to end at a record closing high of Rs 1,912 and formed a strong bullish candle on the daily charts with healthy volumes. There was a strong breakout of downward sloping resistance trendline adjoining November 18 and December 5.
Bharat Forge was also in focus, rising 4 percent to Rs 871.35 and from long bullish candle on the daily charts with above average volumes. The stock has seen a breakout of downward sloping resistance trend line adjoining multiple points – November 11, December 1, and December 5.
Here’s what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today:
Bharat Forge
After a short term correction, the stock has formed higher bottom formation and bounced back sharply. On last Thursday, the stock rallied over 4 percent and formed long bullish candle on daily charts which is largely positive.
For the positional traders now, 20-day SMA (simple moving average) or Rs 850 would be the key level to watch. If stock manages to trade above the same then the stock could retest the level of Rs 890-895. On the flip side, below Rs 850 uptrends would be vulnerable.
Axis Bank
On December 8, the stock made a fresh all-time high of Rs 943.95. In this quarter so far, it rallied nearly 30 percent.
On daily and weekly charts the stock is consistently holding higher high and higher low formation which is largely positive. However, due to temporary overbought conditions we could see some profit booking at higher level.
Hence buying on correction and sell on rallies would be the ideal strategy for the short term traders.
For the traders, Rs 920 and Rs 900 would act as a strong support zone while Rs 980-1000 could be the immediate resistance zone for the bulls. Below Rs 900, traders may prefer to exit from the trading long positions.
Godfrey Phillips India
On last Thursday, the stock rallied nearly 7 percent and registered a fresh 52-week high of Rs 1,949.95. A promising price volume rally, range breakout formation and long bullish candle on daily charts supported further uptrend from the current levels.
For the breakout traders now, Rs 1,830 would act as a sacrosanct level. Above the same, the stock could move up to Rs 2,000. Further upside may also continue which could lift the stock till Rs 2,055.
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.
