Trade Spotlight | Your strategy for Shilpa Medicare, Zensar Technologies, Indian Energy Exchange today

India

Indian Energy Exchange also joined the bulls’ party, rising over 4 percent to Rs 144, the highest closing level since December 19 last year and formed healthy bullish candle on the daily charts with strong volumes. The stock has been making higher highs higher lows for fifth straight session, with expansion of Bollinger band on both sides.

Sunil Shankar Matkar

February 22, 2023 / 07:09 AM IST

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lastRsrs[e]= stkId; if(lastRsrs.length > 0) { var resStr=”; let secglbVar = 1; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; //var newappndStr = makeMiddleRDivNew(d); //appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); 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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/?classic=true&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 remained in a bear zone for the third session in a row, but the Nifty50 has taken a decent support at 17,800 and closed with moderate losses. If the index sustains the same, then the expected uptrend may take it beyond the 17,900 level, but falling below 17,800 may test 17,700 level, experts said.The selling was seen in most of sectors except FMCG. The BSE Sensex was down 19 points at 60,673, while the Nifty50 dropped 18 points to 17,827 and formed bearish candle on the daily charts with making lower lows lower highs for third straight session.The broader markets also traded lower on Tuesday with the Nifty Midcap 100 and Smallcap 100 indices falling 0.36 percent each on negative breadth.Stocks that fared better than broader markets included Shilpa Medicare which was the biggest gainer in the Nifty500 index, rising 9 percent to Rs 297, the highest closing level since December 8 last year. The stock recovered all its previous day’s losses and has formed strong bullish candle on the daily charts, with robust volumes.Zensar Technologies was also in action, climbing more than 8 percent to Rs 293.5, the highest closing level since June 9 last year and formed robust bullish candle on the daily charts with strong volumes. The stock traded well above all key moving averages, which is a positive sign.Indian Energy Exchange also joined the bulls’ party, rising over 4 percent to Rs 144, the highest closing level since December 19 last year and formed healthy bullish candle on the daily charts with strong volumes. The stock has been making higher highs higher lows for fifth straight session, with expansion of Bollinger band on both sides.Here’s what Vaishali Parekh of Prabhudas Lilladher recommends investors should do with these stocks when the market resumes trading today:Shilpa MedicareThe stock after the decent erosion has shown signs of bottoming out near Rs 232 levels and indicated a decent pullback with bias improving moving past the significant 50-day EMA (exponential moving average) level of Rs 268 to strengthen the trend.The 23.60 percent retracement level comes to around Rs 337 which can be expected as the initial target and further momentum can take it to Rs 400 zone as further target level.Image172122023Zensar TechnologiesThe stock has witnessed a decent pullback from the consolidation phase maintaining a good support base near Rs 207 levels and moving past the significant 200-day DMA (day moving average) level of Rs 244 has improved the bias retracing 23.60 percent of the current fall.The chart has become attractive with further rise anticipated and indicator well placed, it has indicated much upside potential from here on. The next term target is expected at Rs 328, with a stop-loss of Rs 265.Image182122023Indian Energy ExchangeThe stock has witnessed a huge erosion from Rs 303 levels and has consolidated near Rs 130 zone with currently showing a positive bullish candle pattern on the daily chart. If it moves past the significant 50-day EMA level of Rs 140, then it may gain strength and expect for further rise.The initial target is expected at 155 where the important 200 DMA level lies and further strength indicated can take it to Rs 172 zone. The support remains strong near Rs 132 zone.Image192122023Disclaimer: 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.