Chalet Hotels shares gained more than 3 percent to end at record closing high of Rs 417.45, and formed bullish candle on the daily timeframe with significantly higher volumes. Overall, the volumes remained strong throughout last week....
Stocks
The market recovered all its morning losses in the afternoon trade and settled the final session of the week on a positive note on May 12, backed by banking and financial services, auto and select FMCG stocks.
The BSE Sensex climbed more than 120 points to 62,028, while the Nifty50 jumped 18 points to 18,315 and formed a bullish candlestick with long lower shadow and small upper shadow on the daily scale.
However, the broader markets were under pressure on weak breadth, as the Nifty Midcap 100 and Smallcap 100 indices fell 0.4 percent and 0.75 percent respectively.
Bank Nifty played a key role in the market recovery, rising more than 300 points to 43,794 and formed bullish candlestick pattern on the daily timeframe.
Stocks that performed better than broader markets included Kajaria Ceramics which jumped nearly 4 percent to Rs 1,175, the highest closing level since January 5 this year, and formed big bullish candlestick pattern on the daily scale, with above average volumes.
Chalet Hotels shares gained more than 3 percent to end at record closing high of Rs 417.45, and formed bullish candle on the daily timeframe with significantly higher volumes. Overall, the volumes remained strong throughout last week.
Intellect Design Arena has formed robust bullish candlestick pattern on the daily charts with strong volumes as the stock surged 14 percent to Rs 531.35, the highest closing level since September 28 last year. It has seen a decisive breakout of horizontal resistance trendline adjoining multiple touchpoints.
Here’s what Rajesh Palviya of Axis Securities recommends investors should do with these stocks when the market resumes trading today:
On the weekly chart, the stock has witnessed “triangular” formation breakout on a weekly closing basis indicating trend reversal. Since the last three consecutive weeks the rising volumes signifies increased participation.
The stock has recaptured its 20, 50,100 and 200-day SMA (simple moving average) and rebounded sharply which reconfirms bullish trend. On the daily and weekly charts the stock is moving in higher tops and bottoms indicating positive bias.
The daily weekly and monthly RSI (relative strength index) is in bullish mode which signals rising strength. The daily and weekly “band Bollinger” buy signals indicate increased momentum.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 1,250-1,300 with downside support zone of Rs 1,120-1,100 levels.
The stock is in strong uptrend across all the time frame forming a series of higher tops and bottoms indicating bullish sentiments. The stock is well placed above its 20, 50, 100 and 200-day SMA and these averages are also inching upwards which reconfirms bullish trend.
The daily and weekly “band Bollinger” buy signals indicate increased momentum. On the daily chart, the stock has also confirmed “symmetrical triangle” breakout indicating continuation of prior up trend.
Huge volume spurt at breakout zone reconfirms increased participation. The daily weekly and monthly RSI is in bullish mode which signals rising strength.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 485-500 with downside support zone of Rs 380-360 levels.
With Friday’s strong gains of 14 percent, the stock has decisively broken out its 6-8 months “consolidation range” (Rs 480-390) levels on a weekly closing basis. This breakout is accompanied with huge volumes which signals increased participation.
The positive crossover of 20, 50, 100-day SMA supports bullish sentiments. The daily and weekly “band Bollinger” buy signals indicate increased momentum.
The daily weekly and monthly RSI is in bullish mode which signals rising strength. The bullish gap area formed on May 12 within Rs 478-470 levels indicates buying force.
Investors should buy, hold and accumulate this stock with an expected upside of Rs 650-680 with downside support zone of Rs 475-450 levels.
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