Trade Spotlight | What should you do with Jubilant Pharmova, Tube Investments of India, Varun Beverages on Monday?

India

Varun Beverages was also in focus, climbing 3 percent to end at record closing high of Rs 1,410 and formed bullish candle on the daily charts. Also it has seen a break out of small horizontal resistance trend line adjoining December 5 and December 8.

Sunil Shankar Matkar

December 12, 2022 / 06:40 AM IST

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stockWidget(‘N’,stkId,articleId); }); $ (‘#stk-b-‘+articleId).click(function(){ stkId = jQuery.trim($ (this).attr(‘stkId’)); stockWidget(‘B’,stkId,articleId); $ (‘.bselivelist’).hide(); }); $ (‘#stk-n-‘+articleId).click(function(){ stkId = jQuery.trim($ (this).attr(‘stkId’)); stockWidget(‘N’,stkId,articleId); $ (‘.bselivelist’).hide(); }); } $ (“.bselivelist”).focusout(function(){ $ (“.bselivelist”).hide(); //hide the results }); function bindMenuClicks(articleId){ $ (‘#watchlist-‘+articleId).click(function(){ var stkId = $ (this).attr(‘stkId’); overlayPopupWatchlist(0,2,1,stkId); }); $ (‘#portfolio-‘+articleId).click(function(){ var dispId = $ (this).attr(‘dispId’); pcSavePort(0,1,dispId); }); } $ (‘.mc-modal-close’).on(‘click’,function(){ $ (‘.mc-modal-wrap’).css(‘display’,’none’); $ (‘.mc-modal’).removeClass(‘success’); $ (‘.mc-modal’).removeClass(‘error’); }); function overlayPopupWatchlist(e, t, n,stkId) { $ (‘.srch_bx’).css(‘z-index’,’999′); typparam1 = n; if(readCookie(‘nnmc’)) { var lastRsrs =new Array(); 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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 postfolio_url = ‘https://www.moneycontrol.com/portfolio_new/add_stocks_multi.php?id=’+dispId; window.open(postfolio_url, ‘_blank’); } else { AFTERLOGINCALLBACK = ‘pcSavePort(‘+param+’, ‘+call_pg+’, ‘+dispId+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function commonPopRHS(e) { /*var t = ($ (window).height() – $ (“#” + e).height()) / 2 + $ (window).scrollTop(); var n = ($ (window).width() – $ (“#” + e).width()) / 2 + $ (window).scrollLeft(); $ (“#” + e).css({ position: “absolute”, top: t, left: n }); $ (“#lightbox_cb,#” + e).fadeIn(300); $ (“#lightbox_cb”).remove(); $ (“body”).append(”); $ (“#lightbox_cb”).css({ filter: “alpha(opacity=80)” }).fadeIn()*/ $ (“.linkSignUp”).click(); } 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 reversed all its previous day’s gains and lost six-tenth of a percent on December 9, dragged largely by technology stocks. Traders also seem to be cautious ahead of FOMC meet outcome scheduled on December 14.

The BSE Sensex shed nearly 400 points to 62,182, while the Nifty50 closed tad below 18,500, declining more than 100 points to 18,497 and formed bearish Engulfing pattern on the daily charts, indicating more weakness in the market going ahead.

The selling pressure was also seen broader markets as the Nifty Midcap 100 and Smallcap 100 indices fell 0.4 percent and 1.1 percent respectively.

Stocks that were in action and outperformed broader markets included Jubilant Pharmova which jumped 4.5 percent to Rs 406, the highest closing level since May 30, extending uptrend for third consecutive session. The stock has formed bullish candle with long upper wick on the daily charts, and has seen a breakout of horizontal resistance trend line adjoining June 1, June 6, and November 16 this year.

Tube Investments of India shares rallied nearly 4 percent to end at record closing high of Rs 3,010 and formed decent bullish candle on the daily charts after four-day consolidation.

Varun Beverages was also in focus, climbing 3 percent to end at record closing high of Rs 1,410 and formed bullish candle on the daily charts. Also it has seen a break out of small horizontal resistance trend line adjoining December 5 and December 8.

Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:

Varun Beverages

On the weekly chart, stock was consolidating between Rs 1,250-950 levels. In the previous week, the stock broke out above this consolidation and the rally continues this week. This breakout is accompanied with huge volumes indicating increased participation. The weekly “band bollinger” buy signal indicates increased in momentum.

The daily and weekly strength indicator RSI (relative strength index) is in bullish mode which signifies rising strength.

Investors should buy, hold and accumulate this stock with an expected upside of Rs 1,500-1,600 with downside support zone of Rs 1,300-1,230 levels.

Image411122022

Jubilant Pharmova

On the daily chart, the stock has witnessed “descending triangular” breakout around Rs 358 levels on a closing basis which suggests trend reversal. After a move till Rs 395, it gets into consolidation between Rs 395-370.

In Friday’s trade, the stock broke above this consolidation indicating continuation of trend. This breakout is accompanied with huge volumes indicating increased participation. The daily and weekly strength indicator RSI is in bullish mode which signifies rising strength.

Investors should buy, hold and accumulate this stock with an expected upside of Rs 430-460 with downside support zone of Rs 385-370 levels.

Image511122022

Tube Investments of India

On the weekly time frame, the stock has decisively broken out above the’ “consolidation” pattern. It was consolidating between Rs 2,975-2,500 levels. The stock is respecting an upward sloping trendline forming higher High-Low formation indicating positive bias. The weekly RSI reading is above 50 mark as well as above its reference line.

Investors should buy, hold and accumulate this stock with an expected upside of Rs 3,200-3,250 with downside support zone of Rs 2,900-2,850 levels.

Image611122022

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