Mphasis fell more than 7 percent to Rs 2,040 and formed large bearish candlestick pattern on the daily charts, with robust volumes. With Monday’s fall, the stock dropped below all key moving averages and closed at more than a month low level.
Sunil Shankar Matkar
February 28, 2023 / 06:51 AM IST
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} We have seen the equity market going downhill for seven days in a row, bringing down the benchmark indices to the lowest since October 17 on February 27. Technology, auto, FMCG, metal and pharma stocks were under pressure, whereas good support for the market was found in banking and financial services stocks.The Nifty50 recouped nearly 100 points from the day’s low and smartly defended the budget day’s low of 17,353, which coincides with 200-day SMA (simple moving average), before closing the session with 73 points losses at 17,393. The index has formed a hammer pattern on the daily charts, especially after consistent downtrend of last seven sessions, indicating the possibility trend reversal.The BSE Sensex was down 175 points to 59,288, while the broader markets also caught in bear trap on Monday. The Nifty Midcap 100 and Smallcap 100 indices fell 0.7 percent and 1.1 percent respectively.Stocks that we have selected for trade spotlight included Kotak Mahindra Bank which closed 1.7 percent higher at 1,726 and formed Bullish Engulfing kind of pattern on the daily charts. The stock stayed above February 23’s low, when there was Doji pattern formation. If the said low is getting hold in coming sessions, then we can say there was double bottom formation.Mphasis fell more than 7 percent to Rs 2,040 and formed large bearish candlestick pattern on the daily charts, with robust volumes. With Monday’s fall, the stock dropped below all key moving averages and closed at more than a month low level.Zee Entertainment Enterprises was also in action, falling 6.4 percent to Rs 183, the lowest closing level since September 8, 2021 and formed bearish candle with long lower shadow on the daily charts, indicating there was support-based buying. Also the stock held low of February 23, when there was Hammer kind of pattern formation with large volumes, but the said trading volumes declined in following sessions (February 24 and 27).Here’s what Viraj Vyas of Ashika Stock Broking recommends investors should do with these stocks when the market resumes trading today:Kotak Mahindra BankThe stock has been one of the laggards for Bank Nifty index and has rarely participated in any rise that the index has witnessed since 2021.At the current juncture, the stock is near the multi-month support of Rs 1,670-1,655 and one can expect a short-term bounce from these levels.The stock can ideally move up towards Rs 1,800 and then towards Rs 1,860. The stock doesn’t exhibit any real strength but from risk-reward perspective, it offers a low-risk entry. One can buy the stock.
MphasisThe stock has been a relative laggard in the Nifty IT rally that we have witnessed during February 2023. The stock has seen as strong rejection from the 200-day EMA (exponential moving average) and continuing to sustain below the same points towards extended weakness.The stock is likely to head towards Rs 1,900-level to seek support failing to hold which it can see a sharp decline towards Rs 1,800-level with near term resistance seen at Rs 2,150. One can sell the stock with a target of Rs 1,900 and stop-loss of Rs 2,150.
Zee Entertainment EnterprisesThe stock has been in a steady decline since October 2021 but till recently, the stock broke the Rs 220-level which has acted as a strong support in the past.As per polarity, this level will act as a strong resistance while with absence of any intermediate support, the stock might head towards Rs 160-165 zone to activate any latent demand zone.The stock has shown continued to range expansion with bearish momentum and hence one should reduce positions.
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