Sectorally, promoting stress was seen in power, oil & fuel, auto, finance, and metallic shares whereas shopping for was seen in realty, capital items, energy, and utilities.
Shares that have been in focus included names like
which was down by practically 6 per cent, which rose greater than 5 per cent, and which rallied practically 5 per cent on Monday
Here is what Viral Chheda, Technical Analyst, SAJ Finance & Securities recommends buyers ought to do with these shares when the market resumes buying and selling immediately:
HPCL: Promote on Rally
After making a 3-year excessive of Rs 354.8 in November 2021, the value has given a pointy selloff to commerce round Rs 215 odd stage. The inventory has made a Decrease Prime Decrease Backside Sample throughout this era.
From February 2021 to until date, we’ve seen the value to make a Head and Shoulder Sample with neckline stand at Rs 225 odd ranges.
Within the present week, the value has breached the sample with excessive quantity on the decrease aspect and from right here we will see additional draw back until Rs 200-180 odd ranges.
Extra promoting stress may be witnessed at this stage and therefore we’d suggest promoting the inventory on each rise at each increased stage.
A detailed above the Rs 255 stage might add some stability to the inventory after which we might see some upside. However, the bias is in favour of extra draw back.
We suggest buyers keep away from shopping for at this stage and promote on rise round Rs 235-240 odd stage for a draw back goal of Rs 200 – 180 within the subsequent 3-4 months.
Adani Enterprises: Purchase
From lows of Rs 121 in March 2020, the inventory has given a pointy upside rally to make an all-time excessive of Rs 1,908 in January 2022. Volumes have been fairly excessive throughout this era.
From a excessive of Rs 1,908, the value corrected to take help at 50-WMA at Rs 1,525 and gave a pointy upside rally to make a brand new all-time excessive of Rs 2,421-odd stage.
At present, after shifting within the vary of mere 300 factors for the previous 2 months, with comparatively increased quantity, the value has now breached the vary on the upper aspect and from right here we will see the inventory making a brand new excessive.
Value can also be shifting above main averages which is an effective signal for a bull run.
Therefore, we suggest buyers to purchase at this stage and extra on dips in direction of Rs 1,900 with a cease lack of Rs 1,700 on a closing foundation. On the upside, we will see ranges of Rs 2,600-3,000 odd ranges within the subsequent 8-10 months.
Adani Wilmar: Purchase
On the time of itemizing, the inventory opened beneath the supply value to make a low of Rs 227 and from there we noticed a pointy upside rally of 190 factors in that exact week.
From 12 Feb 2022 to 25 Mar 2022, the value moved in a consolidation section and as soon as it breached the vary on the upper aspect, the value gave an upward transfer to make an all-time excessive of Rs 878-odd ranges.
From a excessive of Rs 878, the value retraced virtually 52% of the earlier rally to make a low round Rs 540 and at the moment, it’s shifting at Rs 615-odd stage.
We will see additional upside until Rs 850-1000 ranges. On the present stage, we will see optimistic divergence and as soon as it goes above 50-DMA of Rs 660, a pointy upward transfer may be seen.
Therefore, we suggest shopping for at this stage and extra at dips of Rs 540 with a cease lack of Rs 470 on a closing foundation for a goal of Rs 900-1,100 within the subsequent 6-8 months.
(Disclaimer: Suggestions, strategies, views, and opinions given by the specialists are their very own. These don’t signify the views of Financial Instances)
