The Nifty 50 and Sensex ended with 0.2% cuts each, at 19694 points and 65655.15 points, respectively.
Although indices remained in a narrow band, several stocks in the midcap and smallcap segments were in action.
After hitting a 52-week low intraday, Adani Wilmar turned out to be among the top gainers on Nifty 200 index, with the stock settling 5% higher at Rs 310.70. It had touched a 52-week low of Rs 285.80 earlier in the day.
Latent View Analytics was among the top gainers on Nifty 500, ending over 9% higher at Rs 450.50.
On the contrary, BSE was among the stocks that faced heavy selling pressure. The stock ended 6% down at Rs 2,263.
Here’s how one should trade in the above-mentioned stocks, according to Avdhut Bagkar, derivatives and technical analyst at StoxBox. Adani Wilmar
After hitting a new 52-week low, the stock managed to display a reversal. But this momentum must sustain crucial hurdles in order to attract the bulls.
The stock needs to overcome the hurdle of Rs 331, its 50-simple moving average (SMA), which it has struggled since early August of this year. The support for the current bias exists at
Rs 300, to be examined on a closing basis.
BSE Ltd
The stock is witnessing mild selling pressure over the Rs 2,400 level, suggesting a pause in the bull run. Technically, such scenarios offer opportunities to enter the long bull run.
There is a wide gap between Rs 2,100-2,055, which the stock may fill during its course and could provide opportunities for more long positions.
Once the selling pressure is absorbed over the Rs 2,400 mark, the stock can aim at reaching Rs 2,800-3,000 levels.
Latent View Analytics
Taking a closer look at the daily charts, one can configure a breakout of the “Double Bottom”. While such patterns usually appear at the bottom, when they emerge at the top of the trend, it’s the symbol of the continuation of the trend. With the support at Rs 405, its 100-SMA, the price action might see a move towards Rs 480 level.
Olectra Greentech
The price action is insinuating at a consolidation breakout, as per the technical setup on the daily charts. If this momentum manages to absorb all the selling pressure projected to appear over Rs 1,300 level, the stock can easily achieve a new historic peak, extending to Rs 1,500. On a closing basis, the support exists at Rs 1,150.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)