Stocks that were in focus included names like HAL, which rose 3.41%, Tata Communications, which fell 3%, and Delta Corp, whose shares increased 2.19% on Friday.
Here’s what Pravesh Gour, Senior Technical Analyst at Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today.
HAL – Buy on Dips
The counter has witnessed a breakout of a long consolidation with strong volume. The overall structure is very bullish as it trades above its all-important moving averages.
The structure of the counter looks lucrative on the daily chart. Please follow the buy-on-dip strategy in this counter and take a position at around Rs 2300–2400 levels for the target of 2800+, while on the downside, 2100 is the important support level in the near term.
Tata Communications – Sell
The counter has witnessed a breakdown of a long consolidation with strong volume. The overall structure of the counter also shows some profit booking in the near to short term, as it is trading below all the important moving averages except 200-SMA, which will be at around Rs 1550 levels, and we will expect the correction in the counter till Rs 1550 levels while on the upside, Rs 1770 will act as an important resistance.
Delta Corp – Avoid
It has witnessed a breakout of an inverse head-and-shoulders formation on the daily chart with strong volume. It is bottoming out from the 20-DMA at around Rs. 130. The structure of the counter looks risky, as it is still trading below all its important (100 & 200-SMA) moving averages.On the upside, Rs 160 is the important psychological resistance level, above which we can expect the 180+ levels in the near term, while on the downside, Rs 130 is the support level.
The momentum indicators RSI (relative strength index) and MACD (moving average convergence divergence) are positively placed.
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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)
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