On Thursday, Shilpa Medicare recouped most of those losses and has formed long bullish candlestick pattern on the daily charts with significantly higher volumes, after forming Doji kind of pattern in previous session. It was the second biggest gainer in the Nifty500 index.
Sunil Shankar Matkar
March 10, 2023 / 07:04 AM IST
‘);
$ (‘#lastUpdated_’+articleId).text(resData[stkKey][‘lastupdate’]);
//if(resData[stkKey][‘percentchange’] > 0){
// $ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”);
// $ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”);
//}else if(resData[stkKey][‘percentchange’] < 0){
// $ (‘#greentxt_’+articleId).removeClass(“greentxt”).addClass(“redtxt”);
// $ (‘.arw_green’).removeClass(“arw_green”).addClass(“arw_red”);
//}
if(resData[stkKey][‘percentchange’] >= 0){
$ (‘#greentxt_’+articleId).removeClass(“redtxt”).addClass(“greentxt”);
//$ (‘.arw_red’).removeClass(“arw_red”).addClass(“arw_green”);
$ (‘#gainlosstxt_’+articleId).find(“.arw_red”).removeClass(“arw_red”).addClass(“arw_green”);
}else if(resData[stkKey][‘percentchange’] < 0){
$ (‘#greentxt_’+articleId).removeClass(“greentxt”).addClass(“redtxt”);
//$ (‘.arw_green’).removeClass(“arw_green”).addClass(“arw_red”);
$ (‘#gainlosstxt_’+articleId).find(‘.arw_green’).removeClass(“arw_green”).addClass(“arw_red”);
}
$ (‘#volumetxt_’+articleId).show();
$ (‘#vlmtxt_’+articleId).show();
$ (‘#stkvol_’+articleId).text(resData[stkKey][‘volume’]);
$ (‘#td-low_’+articleId).text(resData[stkKey][‘daylow’]);
$ (‘#td-high_’+articleId).text(resData[stkKey][‘dayhigh’]);
$ (‘#rightcol_’+articleId).show();
}else{
$ (‘#volumetxt_’+articleId).hide();
$ (‘#vlmtxt_’+articleId).hide();
$ (‘#stkvol_’+articleId).text(”);
$ (‘#td-low_’+articleId).text(”);
$ (‘#td-high_’+articleId).text(”);
$ (‘#rightcol_’+articleId).hide();
}
$ (‘#stk-graph_’+articleId).attr(‘src’,’//appfeeds.moneycontrol.com/jsonapi/stocks/graph&format=json&watch_app=true&range=1d&type=area&ex=’+stockType+’&sc_id=’+stockId+’&width=157&height=100&source=web’);
}
}
}
});
}
$ (‘.bseliveselectbox’).click(function(){
$ (‘.bselivelist’).show();
});
function bindClicksForDropdown(articleId){
$ (‘ul#stockwidgettabs_’+articleId+’ li’).click(function(){
stkId = jQuery.trim($ (this).find(‘a’).attr(‘stkid’));
$ (‘ul#stockwidgettabs_’+articleId+’ li’).find(‘a’).removeClass(‘active’);
$ (this).find(‘a’).addClass(‘active’);
stockWidget(‘N’,stkId,articleId);
});
$ (‘#stk-b-‘+articleId).click(function(){
stkId = jQuery.trim($ (this).attr(‘stkId’));
stockWidget(‘B’,stkId,articleId);
$ (‘.bselivelist’).hide();
});
$ (‘#stk-n-‘+articleId).click(function(){
stkId = jQuery.trim($ (this).attr(‘stkId’));
stockWidget(‘N’,stkId,articleId);
$ (‘.bselivelist’).hide();
});
}
$ (“.bselivelist”).focusout(function(){
$ (“.bselivelist”).hide(); //hide the results
});
function bindMenuClicks(articleId){
$ (‘#watchlist-‘+articleId).click(function(){
var stkId = $ (this).attr(‘stkId’);
overlayPopupWatchlist(0,2,1,stkId);
});
$ (‘#portfolio-‘+articleId).click(function(){
var dispId = $ (this).attr(‘dispId’);
pcSavePort(0,1,dispId);
});
}
$ (‘.mc-modal-close’).on(‘click’,function(){
$ (‘.mc-modal-wrap’).css(‘display’,’none’);
$ (‘.mc-modal’).removeClass(‘success’);
$ (‘.mc-modal’).removeClass(‘error’);
});
function overlayPopupWatchlist(e, t, n,stkId) {
$ (‘.srch_bx’).css(‘z-index’,’999′);
typparam1 = n;
if(readCookie(‘nnmc’))
{
var lastRsrs =new Array();
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);
//$ (‘.btmbgnwr’).show();
var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; 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’);
}
} Shilpa Medicare rebounded quite sharply on March 9 when the equity markets reeled under selling pressure. The stock spiked nearly 12 percent (the biggest single-day rally since February 17) to close at Rs 281 (the highest closing level since February 21). However, the Nifty50 was corrected by nearly 1 percent.In mid of February, Shilpa Medicare had made a double-bottom formation at around Rs 230 levels and rebounded up to Rs 308 in the following sessions. After this rally, there was a correction in the price and the stock has seen a correction of more than 15 percent in 8 out of 10 consecutive sessions.On Thursday, the stock recouped most of those losses and formed a long bullish candlestick pattern on the daily charts with significantly higher volumes after forming a Doji kind of pattern in the previous session. It was the second biggest gainer in the Nifty500 index.Going ahead, Rs 305-310 levels or the recent swing highs (February 17 and February 21) are expected to be important levels to watch out and if the said levels get surpassed then there are chances that the stock may get into momentum, with critical support at around Rs 230 levels, experts said.“After the secular decline, Shilpa Medicare found its bottom near Rs 230-232 levels. A technical rebound from that level saw the price crossing above 50-DMA (day moving average Rs 263). The most recent price action shows a higher bottom being formed near Rs 252 levels indicating a strong attempt by the stock to put a bottom in place,” said Foram Chheda, CMT, a Technical Research Analyst and Founder of ChartAnalytics.co.in.The last phase of the downtrend has come with a strong positive divergence of RSI (relative strength index) against the price. The attempt to reverse the trend has come with higher volumes in mid of February.
“A continued technical rebound may see the stock testing Rs 305-307 levels, and moving beyond this will add further momentum to the stock,” she said.Mehul Kothari, Head of Technical Research at Anand Rathi also feels the short-term trend has turned positive from negative and hence long-term investors should continue to hold the stock with a stop-loss of Rs 250.He said an upside resistance is placed at Rs 300-310 for the coming sessions. Once that is taken out then the stock would come out of the bear trend on a medium-term scale too, Kothari added.However, he said that fresh buying is not advisable due to unfavourable risk rewards, although the stock gained by nearly 12 percent.Shilpa Medicare started its operations as API (active pharmaceutical ingredients) manufacturer in 1987 at Raichur in Karnataka. It manufactures and supplies affordable API and formulation globally in different regulated markets.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.
