Stocks that were in focus included names like Indus Towers, which rose 8.26%, HAL, which jumped 2.2%, and Prestige Estates, whose shares gained 7% on Monday.
Here’s what Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox, recommends investors should do with these stocks when the market resumes trading today.
Indus Towers
The stock hit a new 52-week high on Monday, triggering upbeat outlook for the April month. The price action displays a robust underlying momentum, with a rally to reach 325 – 345 levels.
The momentum remains highly resilient in the overbought category of the Relative Strength Index (RSI) implying an aggressive chart structure. Unless a decisive move emerges beneath 280 mark, the trend to scale higher levels in the following sessions.
On a broader perspective, the “Higher High, Higher Low” formation stays intact as per the weekly setup. The crossover of 50-Weekly moving average (WMA) with the 100-WMA shows a run up of a bull run.
HAL
Until the support of the 50- daily moving average (DMA) continues to bolster the upward bias, the trend is likely to scale uncharted territories in the coming season. The 50-DMA is currently placed at 3064 level.The present trend is poised to rally toward 3700 -4000 levels, as per the chart formations on the daily and weekly chart. There is immediate support at the 3200 level.
Prestige Estates
Post February of this year, the stock has surpassed the key hurdle of the 50-DMA placed at 1176 on a decisive note.
This move suggests a build-up of a positive bias, envisioning an upside to 1400, its next key barrier. A closing basis support at 1100 would assist the price action to remain in the bullish territory.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)