Stocks that were in focus included names like Global Health, which rose 6.34%, MCX, which dropped 9.03%, and Apollo Hospitals, whose shares jumped 2.6% on Monday.
Here’s what Avdhut Bagkar, Derivatives & Technical Analyst, at StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Global Health – Avoid
The price action witnessed a sharp 14% rise to mark the new life high of 1448 in the previous trading session on the highest volume recorded in the quarter.
However, it succumbed to selling pressure in the second half of the trading session and pared nearly half the intraday gains indicating selling pressure.
The bullish momentum now remains overheated and with an extended bull run in the stock, we reckon to avoid Global Healthcare at the current market price.MCX
The stock has broken the key support of 3750 on a closing basis, inducing a negative bias for the immediate term. The trend has turned sour, and if the price action fails to display recovery, the bear may take over.The following support emerges at 3275, its 50-simple moving average (SMA). A breach of 50-SMA may push the stock towards the 2750 mark.
Apollo Hospitals
The stock has hit a new all-time high, displaying a strong trend in play. The trend is vigorous, and unless the support of 6000 is violated, the trend will continue venturing uncharted territories.
The price action reveals a move towards the 7000 level. The medium-term outlook predicts a range of 7200 – 7500. The stock continues to witness buying accumulation in the overbought category of the Relative Strength Index (RSI), propelling the stock to further highs.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price