NALCO was the second biggest gainer in the futures & options segment, rising 6.5 percent to Rs 78.85 and formed strong bullish candle with healthy volumes. It has seen a breakout of horizontal resistance trend line adjoining November 16 and December 22 this year.
Sunil Shankar Matkar
December 28, 2022 / 06:32 AM IST
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It was yet another strong day for equity markets on December 27 as the benchmark indices rallied six-tenth of a percent on further value buying in quality stocks after the recent round of corrections.
The BSE Sensex rallied 361 points to 60,927, while the Nifty50 jumped nearly 120 points to 18,132 and formed bullish candle on the daily charts with long lower shadow, indicating possibility of further upside.
Metal stocks saw the maximum buying interest, followed by banking and financial services, auto, and technology stocks. The broader markets also continued their northward journey with the Nifty Midcap 100 and Smallcap 100 indices rising 1 percent and 1.2 percent respectively on positive breadth.
About four shares advanced for every declining share on the NSE.
Stocks that were in action included NALCO which was the second biggest gainer in the futures and options segment, rising 6.5 percent to Rs 78.85 and formed strong bullish candle with healthy volumes. It has seen a breakout of horizontal resistance trend line adjoining November 16 and December 22 this year.
Welspun Corp shares rose 4 percent to Rs 225.35, and formed long bullish candle on the daily charts after bullish engulfing kind of pattern in previous session, with above average volumes making higher high formation. Even the relative strength index (RSI) rebounded sharply to 46 now, in two straight sessions, from its oversold zone of 27 reached on last Friday.
Reliance Industries was also in action, rising 0.82 percent to Rs 2,545 and formed bullish candle on the daily charts, making higher high higher low formation, after taking support at around Rs 2,500 level.
Here’s what Vaishali Parekh of Prabhudas Lilladher recommends investors should do with these stocks when the market resumes trading today:
Reliance Industries
The stock has overall maintained an ascending channel pattern in the long term time frame to indicate a strong trend, whereas recently it has witnessed a slide to move below the 200-DMA (day moving average) level of Rs 2,555 to indicate some weakness in the shorter time frame with major trendline support near Rs 2,450 levels.
We anticipate the stock to indicate a trend reversal near the lower zone of the channel pattern and move further upward to continue the normal trend. The upside target expected is Rs 2,800 with the stop-loss maintained near Rs 2,450 levels.
NALCO
The stock after the decent correction from Rs 132 zone has stabilized near Rs 66 zone and indicated a pullback to regain strength with currently after the short correction has shown a pair of bullish candles moving past the significant 50-EMA (day exponential moving average) level of Rs 75 to improve the bias and further upward move is anticipated.
A decisive breach above the resistance zone of Rs 81-82 levels would further strengthen the trend with next upside targets visible near Rs 98-99 zone.
With the RSI also indicating a trend reversal from the oversold, we suggest to buy and accumulate the stock for an upside target of Rs 99 keeping the stop-loss of Rs 70.
Welspun Corp
The stock after witnessing a steep correction has taken support near Rs 205 zone and indicated a decent recovery moving past the significant 200-DMA level of Rs 219 to improve the bias and further rise is expected.
The RSI has reversed from the highly oversold zone picking up momentum and is on the rise to indicate strength and has potential to carry on the momentum still further.
We suggest to buy and accumulate the stock for an upside target of Rs 277 keeping a stop-loss at Rs 205 levels.
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.
