RITES was also in action, rising 5.7 percent to Rs 371 and formed strong bullish candle on the daily timeframe with above average volumes. The stock held above all key moving averages since the breaking out of long downward sloping resistance trendline adjoining highs of November 4, 2022 and February 1, 2023.
Sunil Shankar Matkar
March 10, 2023 / 07:11 AM IST
Representative image.
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} The equity market seems to be caught in a bear trap, with the BSE Sensex shedding more than 540 points to 59,806, weighed down by across-the-board selling on March 9, and the Nifty50 down nearly 165 points to close a tad below 17,600.The Nifty, however, managed to defend the 200-day EMA (exponential moving average – 17,585). The index has formed a long bearish candlestick pattern, which resembles Bearish Engulfing kind of pattern on the daily charts, indicating possibility of more weakness going ahead.The increasing possibility of aggressive policy tightening, especially after Fed Chair Jerome Powell’s testimony and worries over global growth dented market sentiment.The broader markets also participated in the correction but the selling pressure was less compared to benchmarks. The Nifty Midcap 100 and Smallcap 100 indices fell half a percent each.Stocks that outperformed broader markets included Manappuram Finance which rose 2.5 percent to Rs 116.5 on the NSE, continuing uptrend with higher volumes for fourth consecutive session. The stock has formed bullish candlestick pattern with long upper shadow on the daily charts, with making higher highs higher lows for sixth straight day.CCL Products shares climbed 2.6 percent to end at record closing high of Rs 580 and formed bullish candle with long upper and lower shadows indicating volatility during the day, with strong volumes. The stock traded well above all key moving averages (9, 50, 100 and 200-day EMA), with broadly on monthly charts, making higher highs higher lows formation since March 2020.RITES was also in action, rising 5.7 percent to Rs 371 and formed strong bullish candle on the daily timeframe with above average volumes. The stock held above all key moving averages since the breaking out of long downward sloping resistance trendline adjoining highs of November 4, 2022 and February 1, 2023.Here’s what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today:Manappuram FinanceOn the daily scale, the stock is trading into a rising channel chart formation making the higher top and higher bottom constantly. As a result, all major technical trend indicators such as MACD (moving average convergence divergence) and ADX (average directional index) are strong and steady.Therefore, upward movement from the current level is very likely to continue in the coming horizon. For the traders, Rs 113 would be the key support level to watch out. Above which the uptrend structure will continue until Rs 125.
CCL ProductsThe stock has given a breakout of its Ascending Triangle chart pattern with a strong bullish candlestick. Additionally, on the daily charts, it has formed a higher bottom formation, hence the structure of the stock indicates the beginning of a new up move from the current levels.Unless it is trading below Rs 560, positional traders can retain an optimistic stance and look for a target of Rs 620.
RITESAfter the robust rally on the monthly scale, the stock went into the consolidation mode, which resulted in the formation of a Flag Chart pattern. The recent breakout in the stock is representing a bullish continuation pattern signifying a new leg of up move from the current levels.For positional traders, Rs 355 would be the trend decider level. Trading above the same uptrend formation will continue till Rs 395. However, if close below Rs 355, traders may prefer to exit from trading long positions.
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