SAIL was up 1.5 percent at Rs 92.1, the highest closing level since May 5, 2022 and formed decent bullish candle on the daily charts with higher high higher low formation for second consecutive session. It has given a nice breakout of ‘Mother Candle’ formed on January 2 in previous session and maintained uptrend for yet another session, with strong volumes.
Sunil Shankar Matkar
January 20, 2023 / 07:29 AM IST
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} The market closed with third of a percent down amid volatility on January 19, tracking weak global cues and hawkish tone by Fed officials to tame inflation. Select banking, auto, FMCG, metal, and pharma stocks were under pressure.The BSE Sensex fell 187 points to 60,858, while the Nifty50 declined 58 points to 18,108 and formed Inside Bar and Doji kind of pattern on the daily charts, indicating indecisiveness among bulls and bears. The index respected previous day’s low, hence 18,000 is expected to continue to act as a crucial support for the Nifty50, with resistance on the higher side at 18,200 level, experts said.The broader markets also traded in line with benchmarks as the Nifty Midcap 100 index was down 0.1 percent and Smallcap 100 index fell half a percent on weak breadth. About three shares declined for every two declining shares on the NSE.Stocks that were in action included Persistent Systems which was the biggest gainer in the futures & options segment, climbing 7.54 percent to Rs 4,258 – its highest closing level since December 5, 2022, and formed robust bullish candle on the daily charts with strong volumes. The stock has seen a breakout of downward sloping resistance trend line adjoining December 1, 2022 and January 16, 2023. Also there was a decisive breakout of horizontal resistance trend line adjoining November 28, 2022 and January 13, 2023. Also it closed well above all short term as well as long term moving averages, with momentum oscillator RSI (relative strength index) above 60 level, which all indicating positive mood among participants about the counter.AIA Engineering shares gained nearly 1 percent to close at Rs 2,436.2 and formed bullish candle on the daily charts with long upper shadow indicating there was a profit booking at higher levels, which resembles Inverted Hammer kind of pattern, the bullish reversal pattern, with above average volume. Also the stock closed above 200 DEMA (day exponential moving average – Rs 2,419).SAIL was up 1.5 percent at Rs 92.1, the highest closing level since May 5, 2022 and formed decent bullish candle on the daily charts with higher high higher low formation for second consecutive session. It has given a nice breakout of ‘Mother Candle’ formed on January 2 in previous session and maintained uptrend for yet another session, with strong volumes.Here’s what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today:Persistent SystemsThe stock has rallied nearly 8 percent on January 19. Despite tepid market conditions Persistent Systems maintained its strong momentum throughout the day. On the short term time frame the stock has formed strong price volume breakout pattern.The texture of the pattern suggests breakout action will continue in the near term if stock succeeds to trade above Rs 4,075 level. For the breakout traders, Rs 4,075 would be the sacrosanct level, trading above the same we can expect uptrend continuation wave up to Rs 4,400-4,450.
AIA EngineeringIn this month so far, the stock corrected over 5 percent. It is consistently trading below 20-day SMA (simple moving average) and also holding lower top formation which is largely negative. After a long correction, currently the stock is trading near 20-day SMA and the short term texture indicating strong possibility of one quick pullback rally from the current levels.For the traders, now 200-day SMA or Rs 2,370 would act as a crucial support zone. If the stock succeeds to trade above the same, then it could move up to Rs 2,550, Rs 2,600.On the flip side, below Rs 2,370 selling pressure is likely to accelerate. Below the same, it could slip till Rs 2,250-2,210.
SAILIn this month so far, the stock rallied over 13 percent. On daily and weekly charts, the stock has consistently been holding higher bottom formation which is grossly positive. However, on short term time frame, due to temporary overbought conditions we could see some profit booking at higher levels.For trend following traders now, 10-day SMA (simple moving average) or Rs 88 would act as a key support zone. Above which, the stock could move up to Rs 96-98. On the flip side, below Rs 88 it could slip till Rs 85 or 50-day SMA.
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.
