Trade Spotlight | Set your game for Jindal Stainless, Swan Energy, Mahanagar Gas today

India

Mahanagar Gas was the star performer, rising nearly 9 percent to Rs 986 and formed robust bullish candle on the daily charts with significantly higher volumes. The stock has been making higher highs higher lows formation for fifth consecutive session, with trading above all key moving averages.

Sunil Shankar Matkar

March 08, 2023 / 06:55 AM IST

Representative image

Representative image

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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 upward swing in the market continued for yet another session, but there was no major support, especially from banks on March 6. Auto, technology, and oil and gas stocks aided Monday’s uptrend.The BSE Sensex rallied more than 400 points to 60,224, while the Nifty50 jumped nearly 120 points to 17,711 and formed a Shooting Star kind of pattern on the daily charts which is a bearish reversal pattern but that needs confirmation in following sessions.The performance of broader markets was better than benchmarks as the Nifty Midcap 100 index gained 0.85 percent and Smallcap 100 index rose 1.12 percent on positive breadth. About three shares advanced for every two declining shares on the NSE.Stocks that were in action and outperformed broader markets included Jindal Stainless which rose 7 percent to end at record closing high of Rs 299.35 on the NSE and formed long bullish candlestick pattern on the daily charts with strong volumes. The stock has maintained higher highs higher lows for fifth consecutive session, with trading above all key moving averages.Swan Energy was also in action, with climbing 12 percent to Rs 293, the highest closing level since February 2. It has seen the biggest single-day rally since November 21 last year. The stock has formed strong bullish candle on the daily charts with robust volumes, especially after breaking out more than a month of consolidation.Mahanagar Gas was the star performer, rising nearly 9 percent to Rs 986 and formed robust bullish candle on the daily charts with significantly higher volumes. The stock has been making higher highs higher lows formation for fifth consecutive session, with trading above all key moving averages.Here’s what Vidnyan Sawant of GEPL Capital recommends investors should do with these stocks when the market resumes trading today:Jindal StainlessJSL is presently trading at record highs, denoting robust momentum in the stock’s prices. The stock recently broke out of a Rounding Bottom pattern, which could signify a continuation of the uptrend.Furthermore, the stock has been consistently trading near its upper Bollinger Band, which suggests rising volatility for an upward move.The upward price movement has been accompanied by higher trading volumes, indicating the accumulation of long positions in the stock.On the daily timeframe, the Relative Strength Index (RSI) has exhibited a bullish reversal, indicating an increase in the momentum of the upward trend.We recommend traders and investors to buy and accumulate this stock for the target of Rs 340 with a stop-loss of Rs 275 on the closing basis.Image4732023Mahanagar GasMGL saw a positive shift in polarity around Rs 840 level, suggesting a favorable sentiment toward its prices.In the last trading session, the stock broke out of an Inverse Head & Shoulder pattern, which suggest a potential uptrend. This breakout was confirmed by higher trading volumes.Currently, the stock is trading above its Upper Bollinger Band, which indicates increased volatility for an upward move.On the daily timeframe, the Relative Strength Index (RSI) has shown a breakout, indicating growing momentum in the stock’s prices.We recommend traders and investors to buy and accumulate this stock for the target of Rs 1,560 with a stop-loss of Rs 940 on the closing basis.Image5732023Swan EnergyThe stock has broken above its previous swing high of Rs 284, indicating a potential end to the pattern of lower lows and lower highs.This breakout was accompanied by a gap up, which can be interpreted as a breakaway gap. Notably, around the level of Rs 245, there was a shift in price polarity, indicating a positive shift in sentiment.On both the daily and weekly timeframes, the RSI is above the 50 mark, which suggests the presence of strong momentum in the stock.Traders and investors are advised to buy this stock for a target of Rs 335 where the stop-loss must be Rs 270 on the closing basis.Image6732023Disclaimer: 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.